In brief: Bytedance gets $1.3b big bank loan

• Bytedance, China’s most valuable startup, has secured a US$1.34 billion syndicated loan from a group dominated by Wall Street banks, according to people familiar with the matter.
• The deal marks Bytedance’s debut in the syndicated loan market and underscores its growing clout in attracting some of the biggest international lenders.
• Morgan Stanley and Goldman Sachs led the deal, alongside Bank of China and CMB Wing Lung Bank. Bank of America, Barclays, Citigroup, HSBC, JPMorgan Chase, UBS, China Everbright Bank, and China Merchants Bank also joined, the sources said.
• It’s a rare case of a young startup winning a loan of this size from Asia’s syndicated loan market, where banks are typically more comfortable with lending to mature brick-and-mortar companies.

Source: Bloomberg