Salesforce.com loaned US$300 million to pay for its acquisition of ExactTarget. The loan was from the Bank of America.

According to an 8-K filing at the Securities and Exchange Commission, the loan was completed last Thursday. Payment will be in quarterly installments of US$7.5 million, starting at the end of September. Total payment for the loan will be in 2016.

Salesforce pledged its equity securities as guarantee for the loan, subject to exceptions and limitations. The company pledged 100% of equity securities from its direct domestic subsidiaries. It also pledged 65% of equity securities from its direct foreign subsidiaries.

The loan has substantially reduced the Salesforce's cash resources. This implied the company would probably stop its acquisitions for a while. Compared to its competitors like IBM and SAP, the company has to stretch its cash in order to make acquisitions. Its bigger competitors, on the other hand, had fewer cash concerns to make larger acquisitions.