(Bloomberg) -- Chinese Internet search engine giant Baidu Inc. is seeking to raise $3 billion in its largest syndicated loan deal, according to people familiar with the matter.
The firm's latest five-year loan offers an interest margin of 85 basis points over Libor and a top-level all-in pricing of 96 basis points for banks that provide commitments before an early-bird deadline, said the people, who asked not to be identified as they aren't authorized to speak publicly. The proceeds are for general corporate purposes, they added.
The deal marks Baidu's return to the loan market after an absence of more than four years. Its last syndicated borrowing was in 2016, when it closed a $2 billion loan, according to Bloomberg data. Baidu joins other peers such Tencent Holdings Ltd. seeking funding. The WeChat operator is in talks with banks for a $6 billion loan, Bloomberg reported in January.
Representatives of Baidu did not immediately respond to an email, text messages or phone call seeking comment.
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