Marubeni Corp. said Tuesday a syndicate of nine banks has agreed to provide a 400 billion yen credit line to it under different terms from those of a preceding similar credit arrangement.
The syndicate, led by Mizuho Corporate Bank, a core of Mizuho Holdings Inc., includes Bank of Tokyo-Mitsubishi, the core of Mitsubishi Tokyo Financial Group Inc.
Of the 400 billion yen, Marubeni is qualified to take out a 152 billion yen portion in loans anytime during the next three years, the trading house said.
The remainder can be borrowed within the next 12 months.
Marubeni has been proceeding with a plan to cut back on interest-bearing liabilities to enhance its financial health.
The previous credit line accord with the same 400 billion yen upper limit carried a period of up to one year.
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