Top Japanese banks will issue commitment letters for a 1.4 trillion $10.6 billion loan that supports a Japan Industrial Partners-led consortium s takeover offer for Toshiba, according to people familiar with the matter.
The people who asked not to be identified as the information is private have agreed to issue letters this week, according to the lenders, including Sumitomo Mitsui Financial Group. If a takeover happens, the banks are still demanding senior positions in Toshiba's management for their representatives.
The people said that Sumitomo Mitsui will commit to lending about 515 billion dollars, while Mizuho Financial Group will offer 460 billion in borrowing. They said that Sumitomo Mitsui Trust Holdings, Mitsubishi UFJ Financial Group and Aozora Bank are also participating in the loan. Representatives for the banks and JIP didn't want to say anything.
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