Uber, which has already raised billions of dollars in debt, is reportedly looking for more cash via a bond sale. According to a new report from Bloomberg, the company is seeking investors to raise $1.5 billion.
The ride-hailing giant isn’t the first company to sell bonds. Recent others include WeWork and Tesla. Bloomberg says, citing unnamed insiders, that Uber is considering offering “$500 million of five-year notes and $1 billion of eight-year bonds.”
This comes as both Uber and Lyft race toward an IPO. Both companies are reportedly planning on going public sometime next year. Both, however, have yet to turn a profit–thus why they are so cash hungry.
You can read the full junk bond sale report here.