China search engine giant Baidu said to raise loan to $2b

People sit in front of the company logo of Baidu at its headquarters in Beijing December 17, 2014. REUTERS/Kim Kyung-Hoon/Files

Baidu Inc., owner of China’s biggest search engine, increased the size of a five-year loan to $2 billion from $1 billion, people familiar with the matter said.

The company, founded by billionaire Robin Li, has gotten commitments from 21 banks for the facility, according to the people, who asked not to be identified because they’re not authorized to speak publicly. Baidu aims to borrow the funds through a five-year syndicated facility for general corporate purposes, Tracy Hu, a media official at the firm, said in April.

China’s Internet giants have been tapping demand for “new economy” investments and raising more funds in debt markets, with the nation’s biggest e-commerce company Alibaba Group Holding Ltd. getting a $4 billion loan earlier this year. President Xi Jinping is backing new economic drivers as he cuts excess capacity in areas like steel and coal.

No comment was immediately available, Baidu’s Hu said when asked about the loan.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.