Dropbox opens $600m credit facility as it pushes toward IPO

The cloud file-sharing startup, Dropbox, is opening a new line of credit worth $600 million with 6 banks led by JPMorgan Chase, reports Bloomberg, providing the company with increased economic flexibility as it eyes an IPO. The credit facility is expected to close on Monday.

Why it matters: Dropbox has been reportedly meeting with bankers to discuss its options, and potential advisers have said that the company should be ready to go public by the end of the year.