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Uber in Talks With Banks for $1 Billion Credit Line

This story originally appeared on Reuters

Technologies Inc is seeking a $1 billion line from , the reported, citing people familiar with the matter.

Reuters | Kai Pfaffenbach

The cab-hailing company is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, the Journal reported, citing the people.

About six to seven banks are expected to be part of the facility, the newspaper said.

An is not imminent, the Journal reported, adding that one person said a debut was not expected until next year at the earliest.

The credit facility, known as a revolver, is not needed to fund Uber's day-to-day business, the Journal reported.

San Francisco-based Uber, which has grown rapidly in value to be worth around $40 billion, recently submitted a $3 billion bid for Oyj's map business HERE.

Uber declined to comment.

(Reporting by Rishika Sadam in Bengaluru; Editing by Anupama Dwivedi)

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