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SMBC ARRANGES US$472.3 MLN SYNDICATED LOAN FOR IBM.
TOKYO, July 1 Asia Pulse - Sumitomo Mitsui Financial Group Inc. (TSE:8316) unit Sumitomo Mitsui Banking Corp. has put together a 50 billion yen (US$472.3 million) syndicated loan for IBM Corp., The Nikkei learned Monday.
This is the first time that the U.S. firm has tapped Japanese lenders for a syndicated loan. In the past, IBM has procured funds in Japan by issuing yen-denominated bonds, or samurai bonds.
Japanese banks have been making syndicated loan arrangements to overseas companies since the second half of last year as U.S. and European banks tightened lending in the aftermath of the U.S. subprime mortgage crisis. Firms found it easier to draw up plans to raise money in Japan, where the financial market has been relatively stable compared with the U.S. and Europe.
According to Thomson Reuters, ...
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Source: HighBeam Research, SMBC ARRANGES US$472.3 MLN SYNDICATED LOAN FOR IBM.