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ByteDance, the Chinese technology giant behind TikTok, has secured a $29.6 billion loan as it ramps up spending on artificial intelligence and data center infrastructure, Bloomberg reported Thursday, citing people familiar with the financing.
The deal is set to become Asia’s second-largest dollar-denominated loan this year. ByteDance originally targeted a $20 billion facility, but strong lender interest generated more than $30 billion in orders, prompting the company to increase the borrowing amount.
The Beijing-based company plans to use most of the proceeds for general corporate purposes. The facility has not yet been formally signed as participating banks continue to finalize their allocations.
Once completed, ByteDance’s loan will rank behind only SoftBank Group’s $40 billion bridge financing signed in March among dollar-denominated loans in Asia this year.
The financing comes as ByteDance significantly expands its artificial intelligence ambitions. The TikTok parent is reportedly considering capital expenditures of up to $70 billion this year, more than twice its spending in the previous year. Much of that investment is expected to support data centers, computing capacity and other infrastructure needed to develop and operate AI technologies.
ByteDance also secured favorable borrowing terms. The loan carries an initial margin of 68 basis points above the Secured Overnight Financing Rate, or SOFR. Bloomberg said the rate is among the lowest offered to a Chinese technology company and compares with an 85-basis-point margin on ByteDance’s previous offshore financing.
The facility has an initial three-year maturity, with options that could extend the loan to as long as five years.
Strong demand for ByteDance’s financing stands out against weaker conditions across Asia’s syndicated loan market, which recorded its slowest first-half performance in 16 years, according to Bloomberg.
Citigroup and JPMorgan are coordinating the transaction. ByteDance previously tapped international lenders in 2024, raising $10.8 billion through a syndicate involving roughly 20 banks.
The latest deal highlights lenders’ confidence in ByteDance as the company commits billions of dollars to AI infrastructure and strengthens its position among China’s largest technology companies.
