Byte bouncing earned $1.3 billion syndicated loan Morgan Stanley and other banks to participate

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 Byte bouncing earned $1.3 billion syndicated loan Morgan Stanley and other banks to participate


It is reported that Morgan Stanley, Goldman Sachs Group, Bank of China and China Merchants Yonglong Bank led the transaction.

The deal marked the first time that byte bounces involved syndicated lending and highlighted the companys growing appeal to top international lenders. At the end of last year, the company received $3 billion in financing from Softbank Group and other major investors, valued at $75 billion, consolidating its position as the worlds largest privately supported start-up.

TikTok and tremble are two applications that are developing very fast. The main content is short videos recorded by users. According to SensorTower, TikTok applications have been installed more than 1 billion times in various ways.

Foreign media reported that it was rare for a young start-up to obtain such a large-scale loan from the Asian syndicated loan market. In the Asian syndicated lending market, banks are usually more willing to lend to mature entities.

Top banks such as Bank of America, Barclays, Citigroup, HSBC Holdings, JPMorgan Chase and UBS also took part in the syndicated loan, people familiar with the matter said. Everbright Bank of China and China Merchants Bank have joined the ranks.

The byte jump provides 280 basis points for its first syndicated loan, which is higher than the London interbank lending rate, people familiar with the matter added. (Han Bing)

Source: Responsible Editor of Netease Science and Technology Report: Qiao Junyi_NBJ11279