Report: Snapchat Opens Credit Line From Morgan Stanley

A report says that Venice, California-based instant messaging app developer Snapchat has just opened up a new line of credit from Morgan Stanley. Size of that credit line, and terms, were not announced. The report--from Recode--cites "multiple sources" in the report, and speculates that Snapchat is looking to avoid further shareholder dilution and equity. Recode also said--despite earlier rumors--Snapchat is not yet ready for an IPO filing.