ByteDance to borrow more than $3 billion, in talks with banks
- ByStartupStory | September 9, 2021
The Chinese owner of TikTok, ByteDance, is in talks with Wall Street banks to borrow over $3 billion in order to remortgage its debt, according to sources close to the company.
ByteDance and the banks have discussed raising between $4 billion to $5 billion to refinance liability and fund overseas expansion, as reported by The Information reported, a technology news website.
The company plans to take advantage of currently low-interest rates to repay its debt and the terms and the loan size are still subject to changes, said the source.
ByteDance has declined to comment.
Earlier, this year ByteDance had been surveying a public listing, but in April the company said it had no imminent plans for an initial public offering, sources have told Reuters.
A loan of around $1.3 billion was secured by ByteDance, in 2019, from a syndicate of 12 banks including Goldman Sachs, JP Morgan, Morgan Stanley, UBS, Citi, Bank of China, and China Merchants Bank, which will be due in April 2022, according to data provider Dealogic.
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