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Uber, a specialist in transportation services, has started selling $ 1.2 billion worth of high-yield bonds, according to the website of Future Car, the US auto specialist. In order to finance its acquisition of Karim, Dubai-based company, described by the site as the main competitor of Uber in the Middle East.
Uber signed a $ 3.1 billion acquisition of Karim in March.
Scrap bonds, also known as bad bonds, are also high-yield, risky bonds, and companies sell them when they need quick financing.
He added that the bonds sold by Uber had generated more than the $ 750 million it had originally planned to raise, with the company receiving orders totaling more than $ 2 billion.
The yield of the bond is 7.5%, with a maturity of 10 years.
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