October 16, 2019 / 10:36 AM / a month ago

China's Ant Financial in talks for loan of up to $3.5 billion at lower rate: Bloomberg

FILE PHOTO: The logo of Ant Financial Services Group, Alibaba's financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang

(Reuters) - Ant Financial, an affiliate of China’s largest e-commerce company Alibaba Group (BABA.N), is in talks for a syndicated loan of up to $3.5 billion at a lower rate to slash debt costs, Bloomberg reported on Wednesday, citing unnamed sources.

The company is in discussion with lenders for a $2.5 billion financing that comes with a $1 billion greenshoe option, Bloomberg said.

The price talk for the three-year loan margin is less than 100 basis points over Libor, Bloomberg reported.

Ant Financial was not immediately available for a comment.

Reporting by Ann Maria Shibu in Bengaluru; Editing by Aditya Soni

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