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June 15, 2016

Uber looks to raise $2 billion in high-risk loans

News: The company is working with Morgan Stanley and Barclays on the proposed agreement.

By CBR Staff Writer

Ride-hailing firm Uber Technologies is planning to raise as much as $2bn through leveraged loans.

Citing a person familiar with the matter, Bloomberg reported that Uber is working with Morgan Stanley and Barclays on the proposed agreement.

Discussions are ongoing and Uber plans to issue the debt in coming weeks. However, there is no guarantee the agreement will take place.

San Francisco-based Uber is investing heavily as part of its plans to expand globally at a rapid pace.

A filing by Uber made last month with the Dutch Chamber of Commerce revealed that the company’s international business lost $237m in 2014, compared to the $32m loss it reported in the year earlier.

The numbers unveil a huge increase in investments made from 2013 to 2014, a period in which Uber advanced its worldwide expansion.

Earlier this month, Uber raised $3.5bn from Saudi Arabia’s sovereign wealth fund, Public Investment Fund.

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The company has also received approximately $2bn in funding from several Chinese investors.

There is no clarity on what Uber will do with the new funds, but the company generally invests millions of dollars to attract riders and drivers, particularly in less-established markets.

The company attracts new drivers with cash bonuses and subsidises the cost of lower-price rides.

Uber currently operates in around 400 cities, up from less than 100 at the start of 2014.

The company recently started driverless cars trials in Pennsylvania, US. The test is being conducted by the company’s Advanced Technologies Centre (ATC) in the streets of Pittsburgh.

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