Uber in talks with banks for $1 billion credit facility

Uber Technologies 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.

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.