15:02 - 8.09.2021

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September 8, Fineko/abc.az. TikTok-developer ByteDance is going to take a loan for more than $3 bn to refinance the debt.

ABC.AZ reports that the company plans to use the current low interest rates to repay the debt, but a final decision on the size of the loan and the terms of its giving has not yet been made. ByteDance declined to comment on the occasion.

ByteDance and banks discussed a loan in the amount of $4 bn up to $5 bn. The company plans to use the loan money not only to refinance debt, but also to pay for foreign expansion.

ByteDance is a technology startup founded in 2012 and headquartered in Beijing. Last year, the company doubled its income, reaching $34 bn, and ByteDance's annual profit totaled $19 bn. Company's value is estimated at between $200 bn and $400 bn. The number of active users of company's services and applications reaches 1.9 billion people a month, and about 1 billion account for TikTok.