China's Ant Financial in talks for loan of up to $3.5 billion at lower rate

Ant Financial, an affiliate of China’s largest e-commerce company Alibaba Group, is in talks for a syndicated loan of up to $3.5 billion at a lower rate to slash debt costs, Bloomberg reported on Wednesday.

The company is in discussion with lenders for a $2.5 billion financing that comes with a $1 billion greenshoe option, Bloomberg said.

The price talk for the three-year loan margin is less than 100 basis points over Libor, Bloomberg reported.

Ant Financial was not immediately available for a comment.