Date:16/10/12
Panasonic Corp has won $7.6 billion of loan commitments from Sumitomo Mitsui Financial Group and other banks, allowing the Japanese electronics conglomerate to sidestep fund-raising in the credit markets, the Reuters reported.
Panasonic sought the financing framework to underpin its finances, choosing bank loans because of concern that the eurozone crisis and weaker global economy would make borrowing through bond issues and commercial paper more difficult, a spokesman for the company said.
Sumitomo Mitsui Financial Group has committed to 350 billion yen ($4.44 billion)of the credit, with Mitsubishi UFJ Financial Group promising 200 billion yen ($2.54 billion), the Nikkei business daily reported earlier. Resona Holdings has promised the remaining 50 billion yen ($634.84 million), the report said.
A source with knowledge of the agreement confirmed the banks participation on condition he was not identified.
Panasonic's decision to bolster its finances comes after local TV rival Sharp Corp secured $4.6 billion in emergency loans from banks including Mizuho Financial Group it needed to help repay billions of dollars in short term commercial paper loans.
Panasonic wins $7.6 billion loan commitments from banks
Panasonic Corp has won $7.6 billion of loan commitments from Sumitomo Mitsui Financial Group and other banks, allowing the Japanese electronics conglomerate to sidestep fund-raising in the credit markets, the Reuters reported.Panasonic sought the financing framework to underpin its finances, choosing bank loans because of concern that the eurozone crisis and weaker global economy would make borrowing through bond issues and commercial paper more difficult, a spokesman for the company said.
Sumitomo Mitsui Financial Group has committed to 350 billion yen ($4.44 billion)of the credit, with Mitsubishi UFJ Financial Group promising 200 billion yen ($2.54 billion), the Nikkei business daily reported earlier. Resona Holdings has promised the remaining 50 billion yen ($634.84 million), the report said.
A source with knowledge of the agreement confirmed the banks participation on condition he was not identified.
Panasonic's decision to bolster its finances comes after local TV rival Sharp Corp secured $4.6 billion in emergency loans from banks including Mizuho Financial Group it needed to help repay billions of dollars in short term commercial paper loans.
Views: 940
©ictnews.az. All rights reserved.
Similar news
- Mobile operators of national market to reduce roaming tariffs
- Iran vows to unplug Internet
- China Targeting Telecoms in Corruption Probe
- Bangladesh to use electronic voting system for next elections
- Philippine IT sector to launch five-year digital strategy plan
- Russian Premier Vladimir Putin meets ITU Secretary-General Hamadoun Touré
- US lawmakers propose to regulate use of geolocation data
- Unlimited mobile data plans dying as telcos gear up for cloud future
- Europe at risk of falling behind US and Asia on 4G use
- Netherlands first to regulate on net neutrality
- Korean Co Takes Aim At Display Patents
- Regulators, Banks Look for IT Hires After Breakdowns
- Electron transactions spreading
- Schools in remote rural areas will connect to the single database via network without SIM
- Obama to Personally Tweet From Twitter Account
