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Uber is raising $1 billion to $2 billion through a leveraged loan, a type of loan that is given to borrowers who already have substantial debt.
The Wall Street Journal reported that the loan would bring the total funds Uber has raised through debt and equity to $15 billion. The popular ride-hailing app has also tapped Morgan Stanley and Barclays to sell the loan to institutional investors in the near future, according to the Journal citing sources familiar with the situation.
The privately held company was valued at $62.5 billion in a funding round that ended in December of last year. Uber also recently settled a lawsuit over the status of its drivers for $100 million. Earlier this month, the company also bagged a $3.5 billion investment from Saudi Arabia's Public Investment Fund.
Uber, Morgan Stanley and Barclays declined to comment to CNBC.