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Japanese Banks Agree to Back Toshiba’s Preferred Bidder, Sources Say

  • Lenders agreed on terms of 1.2 trillion yen loans to JIP group
  • Banks could nominate director to Toshiba board as part of deal
Updated on

Four major Japanese banks have agreed to provide a loan totaling 1.2 trillion yen ($8.8 billion) to the Japan Industrial Partners Inc.-led consortium for its buyout offer for Toshiba Corp., people familiar with the matter said.

Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Sumitomo Mitsui Trust Holdings Inc. have reached a consensus on the basic terms of loans for the JIP-led group, the people said. The banks are finalizing the details and could issue commitment letters as soon as the end of this month, the people said, asking not to be identified as the information is private.