News Formal

Chip Memory Firm Kioxia’s Banks Prep $14 Billion Loan for Western Digital Merger

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 50%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Kioxia Holdings Corp.’s lenders plan to submit a commitment letter in October for the refinancing of ¥2 trillion ($14 billion) in loans to help fund the merger with Western Digital Corp.’s flash memory business that’s still under discussion, according to people familiar with the matter.

The letter being prepared is from banks including Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc., the people said, asking not to be identified because the matter is private. This would mark a step forward in the merger, which has faced months of delay.

A part of the loan will be used to pay special dividends to Kioxia’s existing shareholders, they added. Bain Capital currently owns about 56.24% of Kioxia, while Toshiba Corp. holds about 40.64%. The merged flash entity would trade on the Nasdaq initially but eventually seek a second listing in Tokyo.

One factor complicating the discussions is the planned buyout of Toshiba. A consortium led by investment fund Japan Industrial Partners Inc. began a tender offer last month that ends on Sept. 20.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China vows deeper trade, investment with Russia despite Western rebukeBy Ryan Woo BEIJING (Reuters) - China on Tuesday urged increased cross-border connectivity with Russia and deeper mutual trade and investment ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

China vows deeper trade, investment with Russia despite Western rebukeBy Ryan Woo BEIJING (Reuters) - China on Tuesday urged increased cross-border connectivity with Russia and deeper mutual trade and investment ...
Source: SaltWire Network - 🏆 45. / 63 Read more »