10:59 AM EDT, 09/03/2024 (MT Newswires) -- (Updates with Citigroup's ( C ) response in the fourth paragraph.)

Citigroup ( C ) , Goldman Sachs (GS), and JPMorgan Chase ( JPM ) will be selected by TikTok owner ByteDance for a $9.5 billion dollar-denominated corporate loan, two media outlets reported Monday, citing unnamed sources with knowledge of the situation.

The three banks are the coordinators of the funding, which has a tenor of three years and can be extended for up to five years, Bloomberg and Reuters reported, each citing two unnamed sources having knowledge of the matter.

A part of the loan proceeds will be used for refinancing a current $5 billion dual-tranche facility raised in 2021, Bloomberg reported.

Citigroup ( C ) declined MT Newswires' request for comment, while Goldman, JPMorgan ( JPM ), and ByteDance did not respond.

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