Alibaba Raising US$3 Billion to Buy Back Yahoo's Stake in Company

by CFO Innovation Asia Staff, 10 February 2012

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Bank Borrowing/Credit Lines Finance and Banking

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Alibaba Group Holding Ltd. bank loan Yahoo! Inc.

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Three days after Yahoo Inc.'s chairman and three others announced they would step down later this year, Chinese Internet giant Alibaba Group Holding Ltd. reveals it plans to avail of a US$3 billion loan to buy back the 40% stake that Yahoo owns in the company, reports the Wall Street Journal.

According to the Journal, Australia and New Zealand Banking Group Ltd., Credit Suisse Group AG, DBS Bank Ltd., Deutsche Bank AG, HSBC Holdings PLC and Mizuho Financial Group are seeking internal credit approval to underwrite the loan.

The loan is expected to be finalised this month and will have a three-year term and a yield of around 4%, unidentified sources told the Journal.

Alibaba Group operates Hong Kong-listed online trade platform Alibaba.com Ltd. and China's largest online-shopping websites, Taobao Marketplace and Taobao Mall.

Alibaba is 43 percent owned by Yahoo! and Alibaba Group chairman Jack Ma has a long-standing offer to buy all or part of the company.

On Tuesday, Chairman Roy Bostock said he would step down from the board along with three other directors -- just weeks after Jerry Yang, who co-founded Yahoo! resigned from all of his positions.

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Alibaba Seeks to Buy Back Yahoo Stake

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Alibaba Seeks to Buy Back Yahoo Stake

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