May 31, 2019 / 2:09 PM / 4 months ago

Toshiba Memory to borrow 900 bln yen from a group of banks

May 31 (Reuters) - Japan's flash memory maker Toshiba Memory Holdings Corp said on Friday it would borrow 900 billion yen ($8.28 billion) from Sumitomo Mitsui Banking Corp, MUFG Bank Ltd and Mizuho Bank Ltd.

The company's board has also decided to issue 300 billion yen worth of non-convertible-bond-type preferred stock to Development Bank of Japan Inc, taking the total amount of new financing to 1.2 trillion yen.

Toshiba Memory, which is in the process of going public, was spun off from Toshiba Corp in April 2017.

$1 = 108.7300 yen Reporting by Sayanti Chakraborty in Bengaluru; Editing by James Emmanuel

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