Facebook to halve its $3-bn credit line

Facebook Inc, operator of the world’s largest social network, plans to reduce by half a $3-billion credit line due to a decline in its tax liability, a person familiar with the matter said on Friday. The Menlo Park, California-based company also plans to extend the term of the loan to three years from one year, said the person, who asked not to be named because the matter is private. Facebook said in March that it secured a $3-billion 364-day bridge loan to fund taxes for employees who exercise their restricted stock units. It also lined up a $5 billion five-year revolving line of credit ahead of its initial public offering in May, according to a filing.