ByteDance has finalized a $29.6 billion syndicated loan, Asia’s second-largest dollar-denominated borrowing this year, after bank orders exceeded $30 billion. The TikTok parent expanded the facility by nearly 50% from an initial $20 billion target. The three-year loan, extendable to as long as five years, carries an opening margin of 68 basis points over the Secured Overnight Financing Rate, 17 basis points below ByteDance’s previous offshore borrowing. The facility has not yet been formally signed because banks are still confirming allocations. Citigroup and JPMorgan Chase coordinated the transaction, which is documented primarily for general corporate purposes. People familiar with the matter said ByteDance is considering capital spending of as much as $70 billion this year, mainly for data centers and other artificial intelligence infrastructure, with next year’s budget potentially reaching $100 billion. The financing comes after Asia’s weakest first-half loan-market performance in 16 years and follows ByteDance’s $10.8 billion global loan in 2024.