# ByteDance in talks with banks to borrow over $3 billion, sources say
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-09-08
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: ByteDance in Talks with Wall Street Banks to Borrow $3
Meta Description: ByteDance, owner of TikTok, plans to take advantage of low interest rates to repay debt, potentially raising $4-5 billion for overseas expansion.
URL: https://financedigest.com/bytedance-in-talks-with-banks-to-borrow-over-3-billion-sources-sayhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-09-08t064519z1lynxmpeh8708prtroptp4bytedance-chips-1736837934712-compressed.jpg)

(Reuters) -ByteDance, the Chinese owner of short-video platform TikTok, is in talks with Wall Street banks to borrow more than $3 billion to refinance its debt, according to two people with the knowledge of the matter.

The company plans to take advantage of currently low interest rates to repay its debt, one of the people said, adding that terms and the loan size are still subject to changes.

The people declined to be identified citing confidentiality constrains. ByteDance declined to comment.

Technology news website The Information [reported that ByteDance and the banks](https://www.financedigest.com/how-banks-can-avoid-regulatory-reporting-mistakes-with-a-good-dose-of-automation.html "HOW BANKS CAN AVOID REGULATORY REPORTING MISTAKES WITH A GOOD DOSE OF AUTOMATION") discussed raising $4 billion to $5 billion to refinance debt and fund overseas expansion.

ByteDance had been exploring a public listing in the beginning of 2021, sources have told Reuters, but in April the [company said it had no imminent plans for an initial public offering](https://www.financedigest.com/navigating-a-buoyant-ma-market-does-the-deal-corridor-with-the-us-or-eu-offer-british-companies-the-better-scope-for-growth.html "Navigating a buoyant M&A market: Does the deal corridor with the US or EU offer British companies the better scope for growth?").

In 2019, ByteDance secured a [loan of about $1.3 billion](https://www.financedigest.com/trafigura-enters-3-billion-loan-to-supply-germanys-sefe-with-gas.html "Trafigura enters  billion loan to supply Germany’s Sefe with gas"), which will mature in April 2022, from a syndicate of 12 banks including Goldman Sachs, JP Morgan, Morgan Stanley, UBS, Citi, Bank of China and China Merchants Bank, according to data provider Dealogic.

(Reporting by Yingzhi Yang, Scott Murdoch, Kane Wu; Additional reporting by Aakriti Bhalla and Anirudh Saligrama; editing by Devika Syamnath and Jason Neely)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---