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.