Sony Procures 210 B. Yen in Joint Loans
Tokyo, July 30 (Jiji Press)--Sony Corp. <6758> has procured syndicated loans worth 210 billion yen in total from four major Japanese banks and the state-backed Japan Bank for International Cooperation, it was learned Thursday.
With no prospects in sight for an end to the novel coronavirus crisis, the Japanese electronics and entertainment giant is boosting its cash reserves, which decreased after the company spent 260 billion yen to make the operator of Britain’s EMI Music Publishing a fully owned subsidiary in 2018.
EMI Music holds and manages copyrights on over two million songs.
JBIC extended up to 1.2 billion dollars, or about 126 billion yen, to Sony through its growth investment facility designed to support Japanese companies’ business acquisitions overseas, informed sources said.
The rest of the loans was provided in yen terms by Sumitomo Mitsui Banking Corp., MUFG Bank, Mizuho Bank and Sumitomo Mitsui Trust Bank, the sources said.
[Copyright The Jiji Press, Ltd.]