ByteDance has finalized a $29.6 billion unsecured syndicated loan with 28 banks, making it Asia’s second-largest dollar-denominated facility of 2026 after SoftBank’s $40 billion financing in March. The three-year loan can be extended to five years and was increased from an initial $20 billion target following strong lender demand. Fifteen state-backed institutions committed $18.9 billion, or 64% of the total, led by Industrial and Commercial Bank of China with $3 billion and Bank of China with $2.5 billion; HSBC committed $1.5 billion. The loan was priced at an opening margin of 68 basis points above SOFR, substantially below the 250-basis-point margin on SoftBank’s facility. ByteDance said the proceeds will support general corporate purposes, while its reported plans to consider as much as $70 billion of 2026 spending on data centers and AI infrastructure point to the company’s growing computing requirements. ByteDance previously raised $10.8 billion in 2024 and was valued at about $550 billion in a February secondary share transaction.