Four major Japanese banks have agreed to provide a loan totaling ¥1.2 trillion ($8.8 billion) to the Japan Industrial Partners-led consortium for its buyout offer for Toshiba, people familiar with the matter said.

Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Holdings have reached a consensus on the basic terms of loans for the JIP-led group, the people said. The banks are finalizing the details and could issue commitment letters as soon as the end of this month, the people said, asking not to be identified as the information is private.

As part of the loan agreements, the lenders may propose to nominate a director to the Toshiba’s board, according to the people. An announcement on the bank commitments could come as soon as in the coming days, one of the people said.