Japan's 3 Megabanks to Lend One T. Yen to Toshiba Memory

Economy

Tokyo, April 3 (Jiji Press)--Japan's three megabank lenders will extend up to one trillion yen in loans to Toshiba Memory Holdings Corp., informed sources said Wednesday.

Meanwhile, the government-backed Development Bank of Japan will acquire 300 billion yen in preferred share in Toshiba Memory Holdings.

The holding company for Toshiba Memory Corp., a former Toshiba Corp. <6502> unit, aims to use the procured funds to buy back preferred shares held by clients including U.S. technology giant Apple Inc.

Toshiba Memory Holdings hopes to go public by the end of fiscal 2019.

The three megabank lenders--Sumitomo Mitsui Banking Corp., Mizuho Bank and MUFG Bank--are expected to lend 900 billion yen and set a credit line of 100 billion yen, the sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press