ICBC, HSBC among major lenders on US$30 bil ByteDance loan - Bloomberg

Aileen Chuang / Bloomberg09-14

The three-year borrowing, which could be extended to as long as five years, attracted 28 banks, some of which committed via various branches or subsidiaries, according to a source.(Sept 14): ByteDance...

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Asian Low Volatility Equity Fund ASDM SGD","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC"},"translate_title":"工商银行、汇丰银行是字节跳动 300 亿美元贷款的主要贷款人 - 彭博社","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01398":1.5,"HSBH":0.6,"HSBC":1.5,"03143":0.6},"content_text":"The three-year borrowing, which could be extended to as long as five years, attracted 28 banks, some of which committed via various branches or subsidiaries, according to a source.(Sept 14): ByteDance Ltd, the developer of TikTok, has signed a US$29.6 billion ($37.6 billion) loan with more than two dozens lenders, including Industrial and Commercial Bank of China Ltd and HSBC Holdings plc, in one of Asia's biggest dollar-denominated deals this year.\nThe three-year borrowing, which could be extended to as long as five years, attracted 28 banks, some of which committed via various branches or subsidiaries, according to a person familiar with the matter. The signing took place last week, according to the person, who asked not to be identified discussing private matters.\nThe deal signals that support for the Chinese tech giant, which is on the forefront of developing artificial intelligence (AI) technology, is still strong, despite a tight interest margin. The loan size was a jump from the US$20 billion ByteDance was originally seeking. \nChinese banks emerged as the biggest lender group, with 15 of them committing a combined US$18.9 billion, or 64% of the upsized loan. ICBC agreed to fund US$3 billion, followed by Bank of China Ltd's US$2.5 billion and China Construction Bank's US$1.5 billion. \nHSBC and two other foreign banks have committed US$1.5 billion each.\nByteDance, HSBC, ICBC, BOC and CCB didn't immediately respond to requests for comments.\nThe financing came together just days before leaders of the world's biggest AI platforms, including OpenAI chief executive officer Sam Altman, Anthropic CEO Dario Amodei and xAI Corp co-founder Elon Musk, said it's time to slow the development pace of their most advanced and most lucrative models, citing escalating risks of the technology.\nProceeds from ByteDance's loan will be used for general corporate purposes, as it builds up its AI ambitions. ByteDance's last loan deal was in 2024, when it raised US$10.8 billion via about 20 lenders.\nIts latest loan is Asia's second-largest dollar-denominated borrowing this year, behind SoftBank Group Corp's US$40 billion bridge loan signed in March. It offers an opening margin of 68 basis points over the secured overnight financing rate, which will adjust if it extends the tenor. 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