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Nippon Steel, Japan's leading steelmaker, has secured 800 billion yen (approximately $5.6 billion) in loans to support its $14.9 billion acquisition of U.S. Steel. The financing comes through two subordinated loans aimed at easing the financial burden of the acquisition and refinancing existing debt.
The larger 500 billion yen loan will be used to partially repay a 2 trillion yen bridge loan obtained in June for the U.S. Steel purchase. The second 300 billion yen loan will be utilized to refinance an earlier subordinated loan of 450 billion yen.
Japan’s three major banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—will provide the bulk of the larger loan, along with Sumitomo Mitsui Trust Group and the Development Bank of Japan, by September 18. The smaller 300 billion yen portion will be funded by the same three megabanks and Sumitomo Mitsui Trust.
For the remaining 1.5 trillion yen of the bridge loan, Nippon Steel intends to explore various financing strategies, depending on market conditions and interest rates. This strategic financing effort is a significant step in the company's pursuit of expanding its global presence through the acquisition of U.S. Steel.
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