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Tepco Compensation Fund Seeks $6.3 Billion Syndicated Loan

May 1 (Bloomberg) -- The Japanese government-backed fund set up to bail out Tokyo Electric Power Co. made a tender offer to borrow 500 billion yen ($6.3 billion) in loans for repayment in one year.

The Nuclear Damage Liability Facilitation Fund will close the tender on May 22, according to a statement on its website. Banking units of Japan’s three-biggest lenders -- Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. -- will arrange the proposed syndicated loan, the statement said.

The loan is scheduled to be repaid by June 5, 2013, the statement said.

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To contact the reporter on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net

To contact the editor responsible for this story: Gearoid Reidy at greidy1@bloomberg.net

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