Japanese banks offer 'Ninja loan' to Volvo Group
Japan's Mizuho Corporate Bank said on Friday it had arranged a $1.04 billion dollar syndicated loan for Sweden's Volvo Group.
The deal will be made through Volvo Treasury, which "has decided to use syndicated lending as a means of diversifying its funding source," Mizuho said in a statement.
A total of 17 Japanese financial institutions are to participate in the loan.
For a major European firm, it is the first "Ninja loan", a scheme under which Japanese lenders provide syndicated loans to overseas corporate borrowers, Mizuho said.
The Volvo Group is the world’s second largest manufacturer of heavy duty trucks and a leading provider of construction equipment, buses and other commercial products.
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The deal will be made through Volvo Treasury, which "has decided to use syndicated lending as a means of diversifying its funding source," Mizuho said in a statement.
A total of 17 Japanese financial institutions are to participate in the loan.
For a major European firm, it is the first "Ninja loan", a scheme under which Japanese lenders provide syndicated loans to overseas corporate borrowers, Mizuho said.
The Volvo Group is the world’s second largest manufacturer of heavy duty trucks and a leading provider of construction equipment, buses and other commercial products.
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