The financing comes at a tumultuous time for Beijing-based ByteDance. The company is under intensifying scrutiny in the US and faces calls to sell TikTok, while at home it’s playing catchup in the artificial intelligence race. Even so, the loan is oversubscribed and has increased from the initial target size of US$9.5 billion — an indication that lenders are still eager to extend credit despite the headwinds.
ByteDance Ltd., the Chinese owner of TikTok, is set to sign a US$10.8 billion ($13.85 billion) loan in what would be the largest-ever dollar-denominated corporate facility in Asia ex-Japan, according to people familiar with the matter.
About 20 lenders — comprising international and Chinese banks, including some branches — will fund the deal, said the people, who asked not to be identified discussing private matters.
