TikTok developer ByteDance seeks $20 billion in its largest offshore loan

ByteDance is in talks to raise a $20 billion offshore loan, potentially its largest ever, as it ramps up investments in AI and infrastructure

ByteDance, the developer of TikTok, is in preliminary talks with banks for a borrowing of about $20 billion, people familiar with the matter said, in what would be the firm’s largest offshore loan yet at a time when it’s boosting investments in artificial intelligence (AI). The Beijing-based social media conglomerate has approached banks for the new-money loan, which could carry a three-year tenor, with the option to extend to as long as five years, the people said, who asked not to be identified discussing private matters. It’s unclear how ByteDance would use the funds, the people said, adding that talks are in early st-ages and details could change. ByteDance didn’t respond to a request for comment. 

 

The Chinese tech firm is weighing plans to boost capital spending to as much as $70 billion this year.