ByteDance Ltd has secured a US$29.6 billion loan, according to people familiar with the matter.

The borrowing is Asia’s second-largest US dollar-denominated borrowing this year after SoftBank Group Corp’s US$40 billion bridge loan signed in March.

The TikTok owner had initially sought a US$20 billion facility but increased the size after attracting more than US$30 billion of orders.

The proceeds will be used mainly for general corporate purposes.

Citigroup Inc and JP Morgan Chase & Co are coordinating the financing, which has a three-year term that can be extended to as long as five years.

The loan starts at 68 basis points over the Secured Overnight Financing Rate, or SOFR.

The deal had not yet been signed as of September 3 because banks were still confirming allocations.

ByteDance last tapped the global loan market in 2024, when it raised US$10.8 billion from about 20 international and Chinese banks.

The company is considering capital expenditure of as much as US$70 billion this year to expand data centers and other AI infrastructure.

🔗 Source: Bloomberg

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