Reuters: Technology News: Panasonic wins $7.6 billion loan commitments from banks

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Panasonic wins $7.6 billion loan commitments from banks Oct 16th 2012, 01:56 Tweet Share this Email Print Related News CORRECTED-UPDATE 5-Softbank says to buy up to 70 pct of Sprint for $20.1 bln 4:42am EDT Softbank might borrow $23 billion to finance Sprint bid: sources Fri, Oct 12 2012 UPDATE 4-Eyeing Sprint, Softbank in $23 bln loan talks - sources Fri, Oct 12 2012 Analysis & Opinion States don't need to take loans from JP Morgan Don't make payday loans a scapegoat People visit Panasonic Corp's booth at CEATEC JAPAN 2012 electronics show in Chiba, east of Tokyo, October 2, 2012. Credit: Reuters/Yuriko Nakao TOKYO | Mon Oct 15, 2012 9:56pm EDT TOKYO (Reuters) - Panasonic Corp has won $7.6 billion of loan commitments from Sumitomo Mitsui Financial Group and other banks, allowing the Japanese electronics conglomerate to sidestep fund-raising in the credit markets. Panasonic sought the financing framework to underpin its finances, choosing bank loans because of concern that the eurozone crisis and weaker global economy would make borrowing through bond issues and commercial paper more difficult, a spokesman for the company said. Sumitomo Mitsui Financial Group has committed to 350 billion yen ($4.44 billion)of the credit, with Mitsubishi UFJ Financial Group promising 200 billion yen ($2.54 billion), the Nikkei business daily reported earlier. Resona Holdings has promised the remaining 50 billion yen ($634.84 million), the report said. A source with knowledge of the agreement confirmed the banks participation on condition he was not identified. Panasonic's decision to bolster its finances comes after local TV rival Sharp Corp secured $4.6 billion in emergency loans from banks including Mizuho Financial Group it needed to help repay billions of dollars in short term commercial paper loans. ($1 = 78.7600 Japanese yen) (Reporting by Reiji Murai; Writing by Tim Kelly) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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