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Wall Street banks line up to lend to Bytedance

Nov 30, 2018 by The Passage Team
Wall Street banks line up to lend to Bytedance

One of China’s fastest-growing technology startups is in talks to obtain a loan from banks that are hoping to win a role on its coveted initial public offering later.

The startup, Beijing-based Bytedance Ltd, which owns a popular Chinese news-aggregation app called Jinri Toutiao, is in talks to borrow as much as USD 1.5 billion from a clutch of Wall Street banks based in both the US and Europe. The six-year-old company also owns TikTok, a short-video app that has 500 million monthly active users world-wide and which recently merged with US social-media app Musical.ly.

The transaction could take place in coming weeks. The financing being discussed includes a term loan and a revolving credit line. The banks in talks with Bytedance include Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc, UBS Group AG and Bank of AmericaCorp.

Source: The Wall Street Journal

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