Facebook, operator of the world’s largest social network,
plans to reduce by half a $3 billion credit line due to a decline in its tax
liability, a person familiar with the matter told Bloomberg..
The Menlo Park, California-based company also plans to extend
the term of the loan to three years from one year, said the person, who asked
not to be named because the matter is private.
Facebook said in March that it secured a $3 billion 364-day
bridge loan to fund taxes for employees who exercise their restricted stock
units. It also lined up a $5 billion five-year revolving line of credit ahead
of its initial public offering in May….
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