WHEN: TODAY, FRIDAY, March 28, 2014
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is breaking news from CNBC's Kayla Tausche.
All references must be sourced to CNBC.
KAYLA TAUSCHE: WE WANT TO TALK A LITTLE BIT ABOUT SOME OF THOSE STORAGE COMPANIES BECAUSE WHEN I WAS DOING REPORTING ON BOX WHICH OF COURSE FILED FOR ITS IPO THIS WEEK OR AT LEAST WE SAY THE PUBLIC S1 I STARTED CALLING SOME PEOPLE TO ABOUT OK WHAT IS THIS COMPANY DOING IN SUCH A FIERCE RIVALRY WITH DROPBOX DOES IT HAVE THIS FIRST MOVER ADVANTAGE. SOURCES WERE TELLING ME LOOK DROPBOX ISN'T FAR BEHIND AND I ACTUALLY LEARNED THAT THIS WEEK DROPBOX ACTUALLY INKED A NEW CREDIT FACILITY FOR WEEKS THEY WERE IN TALKS WITH LENDERS FOR SOMETHING IN THE RANGE OF $500 MILLION I AM TOLD IT COULD BE UPWARDS OF THAT WHEN THE INK IS FINALLY DRY. BUT THIS IS A NEW TREND THESE COMPANIES WANTING TO GET A MATURE CAPITAL STRUCTURE BEFORE THEY ACTUALLY START SELLING STOCK TO THE PUBLIC. YOU LOOK AT FACEBOOK IN 2012 GOT AN $8 BILLION CREDIT FACILITY TWITTER IN OCTOBER $1 BILLION SPOTIFY JUST A COUPLE OF WEEKS AGO GOT A $200 MILLION FACILITY EVEN THOUGH IT WON'T GO PUBLIC UNTIL LATER THIS YEAR. DROPBOX OF COURSE REALLY NEEDS TO FINANCE A LOT OF ITS OPERATIONS IT IS TRYING TO GET INTO THE ENTERPRISE BUSINESS AS WELL SO MAYBE IT COULD TAP THAT CREDIT BEFORE IT ACTUALLY GOES TO THE PUBLIC MARKET MAYBE IT WILL LET IT SIT THERE BUT NONE THE LESS IT IS AN INTERESTING MOVE IT IS A PRECURSOR TO AN IPO VERY OBVIOUSLY EVEN IF IT IS A COUPLE MONTHS BEHIND.
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