Chinese smartphone maker Xiaomi has reportedly secured a US$1bn, three-year loan from 29 banks in its first foray into overseas lending markets.
The loan will be evenly divided into two tranches: a term loan and a revolving credit facility, the…
Chinese smartphone maker Xiaomi has reportedly secured a US$1bn, three-year loan from 29 banks in its first foray into overseas lending markets.
The loan will be evenly divided into two tranches: a term loan and a revolving credit facility, the Financial Times (FT) reported.
Deutsche Bank, JP Morgan and Morgan Stanley are the lead banks on the loan, according to Dow Jones. Other lenders include Goldman Sachs, Banco do Brasil, Bank of Tokyo-Mitsubishi, Malaysia’s Maybank, ICBC Asia, Barclays, ANZ, Credit Suisse, ING and Hong Kong’s Wing Lung and Hang Seng Bank.
The transaction is expected to close within the next few days.
Just four years old, Beijing-based Xiaomi is already China’s top smartphone seller, the FT referenced data by research group Canalys as saying. The company is now reportedly looking to expand internationally and is considering opportunities in
India, Brazil, Mexico, Indonesia and Malaysia.
The company’s local rivals include Apple and Samsung.
