ByteDance, which owns popular video-sharing platform TikTok, is reportedly in talks with Wall Street banks to borrow over $3 billion to refinance its debt.
According to people with knowledge of the matter, the company plans to make the most of current low interest rates in order to pay off its debt, a report from Reuters said.
One of the sources told the news agency that terms and the loan sizes could still change.
The Information, a technology news website, revealed that ByteDance and the banks have discussed coming up with between $4 billion and $5 billion to refinance the debt and help fund the company’s international expansion.
Reuters reported that, according to sources, the multinational internet business had been considering a public listing at the beginning of the year. However, in April, the company said it had no plans for an IPO.
Several years ago, ByteDance was given a loan of roughly $1.3 billion from a consortium of banks, including Goldman Sachs, JP Morgan, Morgan Stanley, UBS, Citi, Bank of China and China Merchants Bank, according to Dealogic
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