BEIJING, September 8 (TMTPOST) — TikTok’s parent company ByteDance is reportedly talking to banks on a loan for overseas expansion, The Information reported, quoting sources familiar with the matter. It is said that ByteDance is seeking to loan US$5 billion maximum. According to The Information’s report, it is unlikely for ByteDance to raise funds through IPO this year. ByteDance plans to use more than half of the money to refinance its existing debt to take advantage of current low interest rates, while spending the rest on its operations in the U.S., Europe, Latin America and other parts of the world, where it needs to keep spending on growing headcount, marketing and computing power, according to The Information’s report. The exact amount of loan has not yet been finalized yet as negotiation is still ongoing. The company and the banks have discussed raising between US$4 billion to US$5 billion.