TOKYO (Reuters) - Cash-strapped Renesas Electronics Corp (6723.T) said it has secured 161 billion yen ($2.1 billion) in syndicated loans from four Japanese banks including Mizuho Corporate Bank Ltd and Bank of Tokyo-Mitsubishi UFJ Ltd to refinance its debts.
The term of the loans is two-and-a-half years, the Japanese chipmaker said on Friday.
The world’s No.1 maker of microcontroller chips used in cars has been seeking financial support from banks and its main shareholders after posting a net loss in the last fiscal year, hit by a strong yen and fierce competition from rivals in South Korea.
As reported by Reuters in July, the money had been promised to Renesas.
The company is a result of the merger of the chip divisions of Mitsubishi, Hitachi and NEC.
($1 = 77.6950 Japanese yen)
Reporting by Junko Fujita; Editing by Ryan Woo