Facebook to Add Banks

    A Facebook sign is seen at the main entrance of Facebook's new headquarters in Menlo Park on February 1, 2012 in California.  Giant social network Facebook filed paperwork to go public on Wednesday, February  1, 2012, seeking to raise USD 5 billion on Wall Street in the largest flotation ever by an Internet company.     AFP PHOTO / Kimihiro Hoshino (Photo credit should read KIMIHIRO HOSHINO/AFP/Getty Images)

    Kimihiro Hoshino / AFP-Getty Images

    Facebook reportedly plans to add banks in the next few weeks to help underwrite its initial public offering. The company is increasing its credit line in order to help pay for a tax bill relating to employee stock awards that will vest after it goes public. Facebook increased its credit line to $2.5 billion in September, and it set up a $1.5 billion credit agreement with several banks in February. Sources say the company is likely add Deutsche Bank, Credit Suisse, and Citigroup.

    Read it at Reuters