ByteDance Seeks to Refinance $5 Billion Loan, 2023 Revenue and TikTok's Success

TapTechNews August 9th news, Bloomberg reported that ByteDance is actively negotiating with relevant financial institutions, hoping to refinance its existing $5 billion (TapTechNews note: currently about 35.885 billion yuan) loan with a term of three years. ByteDance said it has no comment.

ByteDance previously finalized a total of $5 billion in loans in 2021, with half each in term and revolving credit. This refinancing may be to reduce financing costs, optimize the debt structure, or meet other financial needs.

Data from the Financial Times shows that driven by the explosive growth of TikTok, ByteDance's revenue in 2023 reached $120 billion (currently about 861.25 billion yuan), an increase of about 40% year-on-year, and the revenue of TikTok in the US reached about $16 billion.

According to the data of market intelligence agency SensorTower, TikTok is the most downloaded social media application in the US in 2023, reaching 47 million times.