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Twitter obtains $1 billion credit line on road for IPO

An illustration picture shows Twitter logos on a computer screen in Frankfurt, October 21, 2013. REUTERS/Kai Pfaffenbach
An illustration picture shows Twitter logos on a computer screen in Frankfurt, October 21, 2013. REUTERS/Kai Pfaffenbach

By Gerry Shih

SAN FRANCISCO (Reuters) - Twitter Inc has obtained a $1 billion credit line ahead of its initial public offering, the company disclosed Tuesday in an amended investor prospectus.

Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank were involved in arranging the credit deal, Thomson Reuters LPC reported earlier this month. The banks are also underwriters of Twitter's IPO.

No amounts have been drawn under the credit facility, Twitter said.

The micro-blogging company, the most closely watched social media IPO prospect since Facebook went public last year, is expected to begin trading on the New York Stock Exchange by mid-November.

Twitter also disclosed that MoPub Inc, a digital advertising exchange it acquired in September, had lost $2.8 million in the first six months of the year on $6.5 million in revenue.

Twitter paid $350 million in stock for MoPub, its largest acquisition to date. The deal is expected to close in November, according the filing.

(Reporting by Gerry Shih; Editing by Leslie Gevirtz)

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