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Nearly 30 banks participated in the deal, which grew from an initial $20 billion target after strong lender demand
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ByteDance secured a $29.6 billion loan from close to three dozen banks, Reuters reported Friday, citing three people familiar with the transaction, with institutions from China, the United States, Europe, and Singapore all taking part.
The three-year facility, coordinated by Citigroup $C and JPMorgan $JPM, is the second-largest loan made in Asia this year, trailing only a $40 billion raise by SoftBank in March, according to Reuters. Chinese banks account for more than 60% of the total amount, one of the sources said.
