Alibaba is reportedly seeking to refinance a $6.5 billion bank loan due next year.

According to informed sources, Alibaba Group is currently in discussions with banks to refinance a $6.5 billion loan due next year. The sources said that for existing lenders agreeing to provide a 5-year revolving credit facility, Alibaba has offered to pay a rate that is less than 80 basis points higher than the mortgage overnight financing rate. Due to the confidential nature of the matter, the sources requested anonymity. They added that negotiations are still ongoing and details of the financing could still change.