Zynga Gets $100 Million Loan Financing for Corporate Purposes
Zynga Inc. (ZNGA), the biggest developer of games played on Facebook Inc.’s social network, obtained a $100 million term loan to be used for general corporate purposes.
The debt, expiring June 30, 2017, will pay interest at 75 basis points more than the London interbank offered rate, the San Francisco-based company said today in a regulatory filing.
Zynga said it has a $1 billion revolving line of credit that it received a year ago. As of June 30, the company hadn’t drawn the credit.
A basis point is 0.01 percentage point. In a term loan, money can’t be borrowed again once it’s repaid.
To contact the editor responsible for this story: Faris Khan at firstname.lastname@example.org.
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.