Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn't arrive within 3 minutes, check your spam folder.

Ok, Thanks

Amazon secures an $8 billion term loan

E-commerce giant Amazon says it has reached an agreement with certain lenders for an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes, per a Reuters report. "

Emmanuel Oyedeji profile image
by Emmanuel Oyedeji
Amazon secures an $8 billion term loan
Photo by Bryan Angelo / Unsplash

E-commerce giant Amazon says it has reached an agreement with certain lenders for an $8 billion unsecured loan.

The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes, per a Reuters report.

"Given the uncertain macroeconomic environment, over the last few months we have used different financing options to support capital expenditures, debt repayments, acquisitions, and working capital needs," an Amazon spokesperson told Reuters in a statement.

Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30.

Just recently, the e-commerce giant became the first public company ever to lose $1 trillion in market value, slumping to $879 billion valuation, a ghastly fall from its $1.9 trillion peak in July 2021 after a historic selloff in the stock in late 2022.

The company also made workforce reductions in November 2022, with over 10,000 employees in corporate and technology roles affected by the job cuts.

Emmanuel Oyedeji profile image
by Emmanuel Oyedeji

Subscribe to Techloy.com

Get the latest information about companies, products, careers, and funding in the technology industry across emerging markets globally.

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More