Raksul (TYO:4384) said it will borrow 7.62 billion yen from its parent R1 Inc. to refinance existing debt, following a takeover that made R1 its controlling shareholder, according to a Tuesday filing on the Tokyo Stock Exchange.
The one-year loan carries an interest rate of 2% and will be used to repay borrowings from financial institutions, consolidating funding sources.
Raksul plans to repay about 13.6 billion yen in loans to 10 domestic lenders and redeem 1.55 billion yen in privately placed bonds by the end of March.