(Bloomberg) -- Weibo Corp. is seeking an up to $1.2 billion syndicated financing, following other Chinese social media platforms in venturing offshore to raise funds.

The investment-grade rated firm is marketing the deal at an initial size of $900 million and has the option to increase by up to $300 million, according to people familiar with the matter. 

Proceeds from the five-year financing will be used for general corporate purposes and refinancing, including capital expenditures, said the people, who are not authorized to speak publicly. 

Citigroup Inc. and Credit Suisse Group AG are coordinating the syndication and a bank presentation is scheduled for July 11. A representative from the company didn’t immediately respond to a request for comment.

Chinese companies from the communications sector raised a record $11.3 billion of loans offshore in 2021, spurred by the likes of Bytedance and search engine Baidu Inc., according to Bloomberg data. 

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