ByteDance signs US$29.6 billion loan with over 20 banks, including ICBC and HSBC

TikTok developer ByteDance has signed a US$29.6 billion (HK$230.88 billion) loan with more than 20 banks, including the Industrial and Commercial Bank of China (1398) and HSBC (0005). Bloomberg reported.

The deal is one of Asia’s largest dollar-denominated loans this year. The three-year loan, potentially extendable to five years, drew interest from 28 banks, some of which committed through different branches or subsidiaries. The agreement was signed last week.

State-backed banks led the financing, with 15 lenders pledging a combined US$18.9 billion, which accounts for 64 percent of the final loan total. ICBC committed US$3 billion, followed by Bank of China (3988) at US$2.5 billion and China Construction Bank (0939) at US$1.5 billion. 

HSBC was among the top foreign lenders, contributing US$1.5 billion.
 

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