(Bloomberg) -- Jack Ma-backed Ant Group Co. has raised $6.5 billion in loans to refinance an offshore credit line of the same size, as it expands its global operations, according to people familiar with the matter.
The three-year financing is split into a $5 billion revolving credit facility for Alipay Hong Kong Holding Ltd. and another $1.5 billion revolver for Advanced New Technologies Singapore, a unit of overseas arm Ant International, said the people, asking not to be identified as the matter is private.
Ant has been expanding its global operations to offset slowing growth at home. In March, it set up independent boards for its international, database and digital technologies units to pave the way for future spinoffs. The fintech firm has also been building out its Alipay+ international payments network across Southeast Asia and has rolled out a package of AI services.
Ant didn’t respond to an email seeking comments.
Bloomberg reported earlier that the fintech company was seeking to refinance an offshore credit line that will reach $6.5 billion.
Alipay obtained $6.5 billion in credit facilities in 2022, according to Bloomberg-compiled data. The financing is split into a $3.5 billion, two-year portion due this November, and $3 billion maturing in November 2027.
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