Baidu Seeks Its Biggest Syndicated Loan Amounting to $3 Billion

Chinese Internet search engine giant Baidu Inc. is seeking to raise $3 billion in its largest syndicated loan deal, according to people familiar with the matter.

The firm’s latest five-year loan offers an interest margin of 85 basis points over Libor and a top-level all-in pricing of 96 basis points for banks that provide commitments before an early-bird deadline, said the people, who asked not to be identified as they aren’t authorized to speak publicly. The proceeds are for general corporate purposes, they added.