Alibaba Group Holding Ltd has secured about $1 billion in a three-year loan from China Development Bank Corp, the first portion of a two-part financing package from the bank, two people familiar with the matter said.

The financing from CDB will be used to replace a bridging loan provided by a syndicate of international lenders. The size of the second portion of the loan from CDB has not been determined, one of the people said, asking not to be identified. The second portion of the loan may have a tenor of four years, the person said.

Agencies - China Daily