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Nippon Steel, Japan's largest steelmaker, has disclosed that country's three major banks, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, and Mizuho Financial Group, are planning to provide a combined $16 billion in loans for Nippon Steel's proposed acquisition of US Steel.
A spokesperson from Nippon Steel stated that the commitment letter for the loans has been received, contingent on the successful completion of the acquisition. The $14.9 billion deal has faced criticism from both Democratic and Republican lawmakers, as well as the United Steelworkers union. The White House has pledged thorough scrutiny due to the perceived importance of US steel production for national security.
Among the lending institutions, Sumitomo Mitsui is set to contribute $6.5 billion, Mitsubishi UFJ $5.5 billion, and Mizuho $4 billion, according to an insider. Reports suggest that the loans are expected to be repaid within a year, and after the acquisition concludes, Nippon Steel may consider issuing bonds and new shares to raise additional funds, as reported by Bloomberg. However, Nippon Steel has not commented on the potential issuance of bonds and new shares, and all three banks have refrained from providing details on individual deals.
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