Another 7 banks join Alibaba’s $3b loan

Lenders keen to build relationships with e-commerce giant Alibaba extend favourable terms in rare covenant-lite revolving facility.

Seven more banks -- BNP Paribas, Credit Suisse, DBS, Goldman Sachs, HSBC, ING and Mizuho -- have joined Chinese e-commerce giant Alibaba's $3 billion five-year revolving facility.

Citi, Deutsche Bank, JP Morgan and Morgan Stanley had underwritten the $3 billion facility prior to the company's record-breaking $25 billion flotation in New York in September. These four banks were also bookrunners for Alibaba's IPO alongside Credit Suisse and Goldman Sachs.

After the signing in October, Alibaba's loan was subsequently syndicated out but only to the company's relationship banks. According to a source familiar with the matter, the company wanted the loan facility in place prior...

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