ByteDance Secures $29.6 Billion Loan From 28 Banks for AI Expansion

ByteDance, the Chinese technology company behind TikTok, has secured a $29.6 billion unsecured syndicated loan from a consortium of 28 banks, marking the second-largest dollar-denominated loan in Asia this year. The deal, coordinated by Citigroup and JPMorgan Chase, was signed last week and reported on September 14, 2026. The loan was originally sized at $20 billion but was expanded to $29.6 billion due to strong demand from lenders, with orders reportedly exceeding $30 billion. This oversubscription allowed ByteDance to negotiate favorable terms, including an interest rate of 0.68 percentage points above the Secured Overnight Financing Rate (SOFR). This margin is significantly lower than the 2.5 percentage point spread on SoftBank's $40 billion loan from March 2026, which stands as Asia's largest dollar loan of the year. State-backed financial institutions provided the majority of the financing. Fifteen government-supported banks contributed a combined $18.9 billion, representing 64% of the total loan. The Industrial and Commercial Bank of China (ICBC) was the largest single lender, committing $3 billion. Bank of China contributed $2.