Gold bars to be exempt from tariffs, White House clarifies
Investing.com -- Japan’s Nippon Steel said on Wednesday it would raise 800 billion yen ($5.6 billion) through two subordinated loans to help fund its $14.9 billion acquisition of U.S. Steel and refinance existing debt.
The Japanese steelmaker plans to use a 500 billion yen subordinated loan to partially repay a 2 trillion yen bridge loan that was secured in June for the acquisition.
A separate 300 billion yen loan will refinance a previous 450 billion yen subordinated loan.
The larger loan will be provided by Japan’s three megabanks - Mitsubishi UFJ (NYSE:MUFG) Financial Group, Sumitomo Mitsui Financial Group (NYSE:SMFG) and Mizuho Financial Group (NYSE:MFG) - along with Sumitomo Mitsui Trust Group and Development Bank of Japan by September 18, according to a Nippon Steel spokesperson.
The 300 billion yen portion will be funded by four banks - the three megabanks and Sumitomo Mitsui Trust.
For the remaining 1.5 trillion yen of the bridge loan, Nippon Steel plans to use various financing methods based on interest rates, market conditions and other factors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.