Bloomberg News

Mitsubishi Materials Completes Loan With Mitsubishi UFJ

October 03, 2011

(Adds company comment in third paragraph.)

Oct. 3 (Bloomberg) -- Mitsubishi Materials Corp. completed a 20 billion yen ($260 million) syndicated loan with a group of banks led by Bank of Tokyo-Mitsubishi UFJ Ltd., according to a person with direct knowledge of the matter.

The five-year loan was priced at 17.5 basis points more than the six-month London interbank offered rate for yen, according to the person, who declined to be identified because the information is private.

The company refinanced its syndicated loan to reduce interest costs, Hideyasu Itagaki, Mitsubishi Materials’ head of accounting, said in a phone interview from Tokyo, declining to elaborate.

Mitsubishi Materials is rated BBB+ by Rating and Investment Information Inc. and Japan Credit Rating Agency Ltd., according to data compiled by Bloomberg.

--Editor: Katrina Nicholas

To contact the reporter on this story: Emi Urabe in Tokyo at eurabe@bloomberg.net

To contact the editor responsible for this story: Beth Thomas at bthomas1@bloomberg.net


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