Facebook secures $8 billion ahead of IPOMarch 8, 2012 - 15:00 AMT PanARMENIAN.Net - Facebook has secured $8 billion ahead of the social network's eagerly-anticipated initial public offering (IPO), according to documents provided to U.S. regulators. The company said it had secured a $5 billion revolving line of credit over three years from a bank consortium including Morgan Stanley, JP Morgan, Goldman Sachs and Bank of America-Merrill Lynch, according to documents filed Wednesday, March with the Securities and Exchange Commission (SEC). Facebook said it would use the facility "for general corporate purposes." The company also said it had reached a deal with the same group for a $3 billion bridge loan to enable it to fulfill a number of obligations related to the initial public offering (IPO). In early February Facebook filed to go public, aiming to raise at least $5 billion in the largest stock flotation ever by an Internet company. Depending on investor interest, that figure could grow to $10 billion. The Palo Alto, California-based company, founded by Mark Zuckerberg eight years ago when he was just 19, reported net income of $668 million last year, up from $372 million the previous year. In the documents filed Wednesday, Facebook also said it had added 25 new underwriters to the existing six ahead of its IPO, expected later this year, AFP reported. Facebook's value has been estimated at $75 billion to $100 billion. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |