ByteDance secures $29.6 billion loan commitment amid strong lender demand
ByteDance, the developer of TikTok, has secured a $29.6 billion loan commitment, though the deal has not yet been signed, after lenders showed big interest, way more than the original $20 billion target.
It's now the second-largest dollar loan in Asia this year, right behind SoftBank's earlier $40 billion deal.
Citigroup Inc. and JPMorgan Chase & Co. are the coordinators of the latest financing and will help power ByteDance's next moves.
ByteDance considers $70 billion capital spending
ByteDance is considering boosting capital spending to as much as $70 billion this year, more than twice what it spent last year.
Proceeds will be used mainly for general corporate purpose, all on pretty sweet loan terms (even better than its last big loan).
This deal also signals that Asia's loan market might be bouncing back after a pretty slow start to the year.