Uber in talks with banks for $1 billion credit facility: WSJ

An employee works inside the office of U.S. online cab-hailing company Uber, on the outskirts of New Delhi, India, April 24, 2015.

/Anindito Mukherjee

Uber Technologies Inc is seeking a $1 billion credit line from banks, the Wall Street Journal reported, citing people familiar with the matter.The cab-hailing company is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, the Journal reported, citing the people. (on.wsj.com/1JFcZP0)About six to seven banks are expected to be part of the facility, the newspaper said.An initial public offering is not imminent, the Journal reported, adding that one person said a debut was not expected until next year at the earliest. The credit facility, known as a revolver, is not needed to fund Uber's day-to-day business, the Journal reported. San Francisco-based Uber, which has grown rapidly in value to be worth around $40 billion, recently submitted a $3 billion bid for Nokia Oyj's map business HERE.Uber declined to comment. (Reporting by Rishika Sadam in Bengaluru; Editing by Anupama Dwivedi)