ByteDance in talks to borrow up to $5bn

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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 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.