ByteDance signed a $29.6 billion loan agreement with 28 banks, making it one of the largest U.S. dollar-denominated transactions in Asia this year. The three-year borrowing facility, signed last week, can be extended to five years. The loan was expanded from the $20 billion ByteDance initially sought. Chinese banks formed the largest lender group, committing $18.9 billion, or 64% of the total, while HSBC and two other foreign banks each committed $1.5 billion. The proceeds will be used for general corporate purposes and to support ByteDance’s AI business expansion.