Society

Virus-hit ANA to acquire 400 bil. yen in loans to bolster capital base

Oct 15 (Kyodok) - The parent company of All Nippon Airways Co. plans to acquire 400 billion yen ($3.8 billion) in loans from five Japanese banks as the airline operator's earnings have sharply deteriorated under the novel coronavirus, sources close to the matter said Wednesday.

Four major commercial banks and the government-backed Development Bank of Japan are expected to extend the capital to ANA Holdings Inc. through subordinated loans, the sources said.

Under the plan, the DBJ and Sumitomo Mitsui Banking Corp. will extend 130 billion yen each in subordinated loans, which rank after other debts but carry higher interest rates than other types of loans.

Mizuho Bank will provide 60 billion yen, followed by 50 billion yen from MUFG Bank and 30 billion yen from Sumitomo Mitsui Trust Bank.

ANA and the five lenders will sign a deal as early as by the end of October, according to the sources.

About half of the 400 billion yen in loans will be recognized as ANA's capital. The company also plans to raise an additional 200 billion yen later in the year through a public offering of shares.

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