Waymo has secured $5 billion in funding for its expansion

Alphabet's autonomous vehicle company Waymo has closed a $5 billion loan agreement. This is the first time in the company's history that it has used debt financing for expansion.

The deal's main participants are PIMCO, Blackstone and Sixth Street. Capital Group, Loomis Sayles and T. Rowe Price are also among the lenders, while Goldman Sachs arranged the financing.

Waymo will use the funds to expand its robotaxi service both in the US and in other countries. Last month, the company launched service in its 15th US city and also announced its entry into the Singapore market.

The loan adds to the large equity financing the company received this year. A few months ago, Waymo raised $16 billion from investors, with the deal valuing the company at $126 billion.

Source: Reuters