3 Japan Banks Extend Y40 Billion Syndicated Loan To McDonald's-Nikkei
February 19 2009 - 11:53AM
Dow Jones News
TOKYO (Nikkei)--Japan's three top banking groups are
lead-managing a Y40 billion syndicated loan to U.S. burger chain
McDonald's Corp. (MCD), The Nikkei reported in its Friday morning
edition.
Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp. and Bank of
Tokyo-Mitsubishi UFJ have organized the yen-denominated loan, with
regional lenders among the nine other participants. The 62-month
loan was initiated at the end of last month. Interest rates and
other terms haven't been disclosed.
Despite slumping consumer spending in the U.S., McDonald's is
seen on track for higher sales and profit. The company is tapping
the loan for business operations, but may not necessarily use the
funds in Japan.
U.S. and European financial institutions stung by the financial
crisis have become more cautious about extending loans. In the
first half of last year, Japanese banks oversaw large syndicated
loans to such major foreign companies as IBM Corp. and Sweden's AB
Volvo.