EVAN DUCHARME/S.F. EXAMINER FILE PHOTOPictured: Twitter's Market Street headquarters. Not pictured: a giant pot cloud

Twitter wrapping up $1 billion IPO revolver

Online social networking tool Twitter Inc is finalizing a $1 billion revolving credit facility ahead of its expected initial public offering, sources told Thomson Reuters LPC.

Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank are leading the deal that backs the most highly anticipated go public transaction in the technology space since Facebook Inc.

Representatives from the five banks declined to comment.

Revolving credits, which are generally used to back general corporate purposes and capital expenditures, guarantee access to funding for corporations. Companies are required to pay a commitment fee for the availability of capital even if the revolving credit remains undrawn.

Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank are also underwriters of the IPO, which was filed publicly on October 3.

Twitter is expected to go public some time before Thanksgiving and has yet to determine pricing, according to Reuters, but analysts expect the company that posted a $69 million loss last year to seek a valuation of at least $10 billion.businessScience & TechnologyTwitter

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Union threatens legal action after Police Commission expands use-of-force policy

San Francisco’s police union is pursuing legal action after the Police Commission… Continue reading

City Attorney seeks to recoup ‘illegal profits’ gained by Walter Wong through city contracts

San Francisco will seek to recover “illegal profits” gained by well-known permit… Continue reading

SF Police Commission votes to expand use-of-force policy

Decision to bypass union negotiations could set stage for litigation

Free Muni for Youth program expansion halted by SFMTA budget crisis

Low- and moderate-income kids can still travel for free

Newsom orders multiple counties to shut down bars, indoor restaurants as COVID-19 cases rise

As confirmed cases of COVID-19 rise in California, Gov. Gavin Newsom on… Continue reading

Most Read