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Facebook takes on debt financing

May 13, 2008|From Times Wire Services

Facebook Inc. said it had taken out $100 million in debt financing and was looking for a replacement for its chief technology officer.

A spokeswoman said the fast-growing social network site based in Palo Alto had taken out a $100-million lease facility from TriplePoint Capital, a specialty finance company that backs venture-funded start-ups.

Facebook plans to use the funds entirely for new computers and data centers. The equipment lease financing frees Facebook of the need to raise further venture funding that would dilute existing shares.

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