Asia Tech Wire (Aug 12) -- TikTok owner ByteDance is in active talks with relevant financial institutions in anticipation of refinancing its existing $5 billion loan for three years, according to Bloomberg.

The move is due to be one of the largest loan refinancing deals made by a Chinese borrower in a year, the report said.

ByteDance had finalized a combined $5 billion in loans in 2021, with a 50-50 split between term and revolving credit.

The refinancing may serve to reduce financing costs, optimize debt structure or meet other financial needs.

In response, ByteDance said it has no comment.