Toshiba bidder JIP set to win banks' backing for $10.6 bln loan- Bloomberg News (updated)

Sumitomo Mitsui Trust

07/02/2023 09:14

(Adds responses of banks, background)
       Feb 7 (Reuters) - Top Japanese banks have agreed to
issue commitment letters for a 1.4 trillion yen ($10.60 billion)
loan that backs a Japan Industrial Partners-led consortium's
takeover offer for Toshiba  6502.T , Bloomberg News reported on
Tuesday, citing sources.
    The main banking arms of Mizuho Financial Group  8411.T ,
Sumitomo Mitsui Financial Group  8316.T  and Sumitomo Mitsui
Trust Holdings Inc  8309.T  are together expected to lend more
than 1 trillion yen, Reuters has reported, with the core bank
unit of Japan's biggest financial group, Mitsubishi UFJ
Financial Group  8306.T  and Aozora Bank Ltd  8304.T  also
participating.
    Mizuho, Mitsubishi UFJ, Aozora and Sumitomo Mitsui Trust
Bank declined to comment when contacted by Reuters. Sumitomo
Mitsui could not be reached immediately for comment.
    The deal would also be joined by a number of Japanese
companies including financial services group Orix Corp  8591.T ,
chipmaker Rohm Co Ltd  6963.T  and Japan Post Bank  7182.T ,
sources have previously told Reuters.
    Toshiba named a JIP-led group as its preferred bidder in
October for the buyout process. The private equity firm was then
asked by Toshiba to provide commitment letters from banks by
Nov. 7 last year, something it was unable to secure.
    But by the start of December, JIP had moved closer to
winning the backing of banks after it proposed concrete
restructuring steps, sources have previously said.
($1 = 132.1300 yen)
 (Reporting by Shivani Tanna in Bengaluru, Satoshi Sugiyama and
Makiko Yamazaki  in Tokyo; Editing by Saumyadeb Chakrabarty and
Muralikumar Anantharaman)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))