Uber Technologies has reportedly raised $1.6 billion in convertible debt from Goldman Sachs Group.
Bloomberg cited unnamed sources who said the deal with Goldman Sachs' private clients is a six-year bond that converts to equity at a 20 percent to 30 percent discount of whatever Uber's valuation is when it goes public. It also includes a coupon that increases in value if Uber hasn't gone public within four years.
The report also said that the San Francisco-based mobile transportation-booking company remains in talks to add to the $1.2 billion it raised last month at a $40 billion valuation.Uber operates throughout Dallas-Fort Worth.
Those talks are said to be with hedge funds and international strategic investors. Baidu, owner of China's largest Internet search engine, last month bought a minority stake Uber, reportedly for about $600 million.
Bloomberg's sources said the money will be used to expand internationally, as well as on R&D and safety improvements.
CEO Travis Kalanick has raised a large war chest to fund numerous battles with local, state and national regulators, as well as lawsuits from taxi organizations whose business has been upset by Uber's network of independent drivers.
Kalanick recently was quoted as saying Uber's revenue in its home city alone is about $500 million annually, which is about three times the revenue of the entire taxi industry in San Francisco.