Social networking website Facebook, which has at least 46 million active users in India, has secured credit deal worth $8 billion from a consortium of banks before its initial public offering.

In a filing to the Securities and Exchange Commission, Facebook said it had terminated the credit facility agreement inked with Braclays Capital and others that granted the company the borrowing capacity of $2.50 billion. In February it entered in to new agreement for an unsecured five-year revolving credit facility that would allow it to borrow up to $5 billion from a consortium of banks which include, Citigroup Global Markets, Credit Suisse Securities (USA), Deutsche Bank Securities, RBC Capital Markets and others. The social networking giant has entered into a bridge credit facility with the lenders that are parties to its new revolving credit facility.

“This bridge credit facility allows us to borrow up to $3 billion to fund tax withholding and remittance obligations related to the settlement of Restricted Stock Units in connection with our initial public offering,” Facebook filing said. — PTI