Reuters: Bankruptcy News: UPDATE 1-Tepco to get funds at low rates - Nikkei

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UPDATE 1-Tepco to get funds at low rates - Nikkei Jun 25th 2012, 20:31 June 26 | Mon Jun 25, 2012 4:31pm EDT June 26 (Reuters) - Tokyo Electric Power Co will receive fresh funding at interest rates below 1 percent from its top 10 lenders, Japanese business daily the Nikkei reported. The additional funding will total 1.07 trillion yen ($13.44 billion) - 500 billion yen of new loans, a 400 billion yen credit line and 170 billion yen in loan rollovers, the daily reported. The lenders to Japan's biggest utility, known as Tepco, include three of the largest banks in the country, three trust banks and four life insurers. The banks are expected to make the agreement on July 20 and the first round of funding will be provided in the same month, the Nikkei said. The banks will supply funds by acquiring bonds via private placement from Tepco and these bonds will carry a provision that ensures priority repayment over other ordinary claims, the daily said. Tepco reported in May an annual loss of almost $10 billion as compensation claims for the Fukushima nuclear disaster brought it to the brink of bankruptcy and fuel costs soared after idling all its atomic plants. ($1=.795102 Japanese Yen) (Reporting by Shubham Singhal in Bangalore; Editing by Saumyadeb Chakrabarty)

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