Alibaba Said to Prepare Inaugural Bond Sale as Soon as Today
Just two months after debuting as a publicly traded company in an epic $25 billion IPO, Alibaba is set to issue its first round of bonds today.
Just two months after debuting as a publicly traded company in an epic $25 billion IPO, Alibaba is set to issue its first round of bonds today, according to sources in a Bloomberg report. The Internet giant's bond order totals $43 billion, compared to the mere $8 billion the company was initially looking to raise. In a statement last week, the company said: 'Alibaba plans to use the net proceeds from the offering primarily to refinance its existing credit facilities.' Shares of Alibaba are trading up 3% on Thursday at $112.20 per share. The stock debuted on the New York Stock Exchange back in September, pricing at just $68 per share. TheStreet's Scott Gamm reports from New York.
