Sina Technology News, early morning of March 8 Beijing Time - According to an updated IPO (Initial Public Offering) filing submitted by Facebook to the U.S. Securities and Exchange Commission (SEC), the company has hired an additional 25 investment banks to underwrite its IPO transaction.
This group of 25 investment banks includes Citigroup, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets, and Wells Fargo Securities, increasing the total number of underwriting banks to 31.
Last week, there were reports that Facebook would hire an additional three investment banks: Citigroup, Credit Suisse, and Deutsche Bank, but other banks were not mentioned. Wells Fargo recruited a team of bankers from Citadel LLC last summer and managed the IPO transaction for Groupon as one of its 11 co-underwriters.
Facebook also disclosed a new $5 billion credit arrangement, replacing the previous $2.5 billion credit line. The document also shows that Facebook has reached a "bridge" credit arrangement, allowing it to borrow up to $3 billion.
A "bridge loan" (Bridge Loan), also known as a "temporary loan," refers to a situation where financial institution A obtains a loan project but lacks the funds to operate it. It then approaches financial institution B to assist in providing the funds. Once institution A secures the necessary funds, institution B exits. For institution B, this type of loan is referred to as a bridge loan. (Tang Feng)
Share to: > Related Special Topic: Facebook IPO Special > Related Reports: Facebook valuation returns to $100 billion, Zuckerberg's net worth declines. Rumors suggest Facebook rehires three investment banks including Citigroup to assist with IPO. Rumors indicate Facebook hires three more investment banks to manage IPO: underwriters reach nine. Facebook secondary market valuation drops approximately 5% to $93 billion.
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