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Report: Ant Financial in talks with banks for up to US$3.5B loan

China's Ant Financial Services Group is in talks with banks to obtain a US$2.5 billion syndicated loan, people familiar with the matter told Bloomberg News.

The syndicated loan will have a greenshoe option of US$1 billion, the sources said. The loan is expected to be priced less than 100 basis points over the London Interbank Offered Rate mark. The financial services platform will channel funds toward general corporate purposes, the sources said.

Ant Financial did not immediately respond to Bloomberg's requests for comment.