Idemitsu Kosan (TYO:5019) signed a one-year loan agreement worth 194.34 billion yen with an independent administrative institution to fund the purchase of oil reserves, according to a Wednesday filing on the Tokyo Stock Exchange.
The unsecured loan runs from April 30, 2025, to April 30, 2026, and includes financial covenants.
Idemitsu will forfeit the benefit of time if it is found significantly insolvent or posts three consecutive years of ordinary and net losses, based on consolidated results.
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