ByteDance raises $29.6bn, Asia’s second-biggest loan this year, and pays less for it

ByteDance obtained a $29.6 billion three-year syndicated loan, the second-largest in Asia this year, at a 68 bps spread over SOFR, tighter than the 85 bps on its prior offshore facility. Coordinated by Citigroup and JPMorgan, the loan will finance general corporate purposes, primarily data-centre expansion for AI infrastructure, supporting the company’s plan to spend up to $70 billion annually on AI. The financing, backed by TikTok and Douyin revenue, raises ByteDance’s total AI-related borrowing to nearly $350 billion worldwide.