(Reuters) – ByteDance, the Chinese owner of short-video platform TikTok, is in talks with banks to borrow up to $5 billion to refinance debt and pay for overseas expansion, The Information reported https://www.theinformation.com/articles/bytedance-in-talks-to-borrow-up-to-5-billion-to-fund-overseas-expansion on Wednesday, citing people with knowledge of the matter.
The company and the banks have discussed raising between $4 billion to $5 billion, but the exact size of the loan has not been finalised yet as the debt financing talks are still ongoing, the report said.
ByteDance did not immediately respond to a Reuters request for comment.
(Reporting by Aakriti Bhalla in Bengaluru; Editing by Devika Syamnath)
