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Grab raises $2bn loan as digital competition heats up

Singapore unicorn diversifies financing sources to speed up expansion

Since it was established in 2012, Grab has raised billions of dollars mainly through equity.    © Reuters

SINGAPORE -- Singapore-based digital unicorn Grab has raised $2 billion in the company's biggest ever loan financing, it said Monday, to increase cash liquidity as it faces the prospect of digital competition heating up post-pandemic.

The funding was structured as a five-year term loan, according to the company, with interest rate at 450 basis points over LIBOR, the benchmark rate at which global banks lend to one another.

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