Chinese technology company ByteDance, the developer of TikTok, is in preliminary talks with banks for its largest offshore loan of about $20 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The company has approached banks for a loan that may carry a three-year tenor, with an option to extend it to as long as five years, the report said.
ByteDance did not immediately respond to a Reuters request for comment.
The company is emerging as a major spender on AI infrastructure, ramping up spending and partnerships to secure chips and chip design services.
Reuters
