Okay, I'll admit to being a little naïve on big finance but holding a debt like this is still going to cost them 30 million a year. If it's "only" 7% of revenue, surely they'd pay the debts off.

Seems more likely all that revenue is sunk into existing costs and they need the loan to remain liquid.

Of course the revenue is sunk into other things, they're trying to invest as much as possible, and so they're looking for additional funding to grow.

Any idea exact interest rate ? low means in single digit ? 10 ? 4 ?

The interest rate at which large banks can borrow USD is officially 0-1% and effectively negative due to massive quantitative easing.

But that is not the rate at which they will lend the money to ByteDance, at all. Still has a significant risk involved.

It's close to the base rate. It's not a payday loan...

Except it’s partially-owned by China and there is a possibility that they’re deliberately trying to pull money out of the US economy

More likely trying to get money out of China. Getting a US loan against your Chinese assets is a good way to do that.