Market Chatter: Nippon Steel Locks in 900 Billion Yen Financing for US Steel Deal

MT Newswires Live03-18 07:33

Nippon Steel (TYO:5401) has secured about 900 billion yen in loans from major Japanese lenders following its $14.1 billion acquisition of U.S. Steel, Nikkei reported Wednesday.

The Japan Bank for International Cooperation will provide roughly 550 billion yen, with Sumitomo Mitsui Banking, MUFG Bank, Mizuho Bank and Sumitomo Mitsui Trust Bank contributing about 350 billion yen, according to the report.

The long-term financing will be used to refinance bridge loans taken for the acquisition, the report said.

The strengthened funding will support supply chain stability and strategic investments, including expansion in India and conversion of domestic blast furnaces to electric arc furnaces, according to the report.

Nippon Steel has also raised 750 billion yen through subordinated funding and plans 600 billion yen in overseas convertible bonds, completing financing for the deal, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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