White & Case Advises Major Japanese Banks on Financing of Toshiba Memory Holdings

Global law firm White & Case LLP has advised Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd. and Mizuho Bank, Ltd., as mandated lead arrangers, on JPY900 billion in new senior loans and an additional commitment line of JPY100 billion for Toshiba Memory Holdings Corporation.

"We have played a key role in this significant financing," said White & Case partner Zenya Onishi who led the Firm's team. "Despite challenging markets, we were able to navigate a financing deal of this scale that successfully addressed the needs of both the lenders and the borrowers." 

White & Case partner Eugene Man, Head of Banking and Restructuring, Asia-Pacific, said: "The presence and recognition of global private equity funds is increasing in Japan, and this transaction is further evidence of our track record advising on complex leveraged financings in Asia-Pacific, demonstrating our ability to combine our local expertise and capabilities with global market knowledge to the benefit of our clients."

The new financing was used to refinance total JPY600 billion loans from Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd. and Mizuho Bank, Ltd for the June 2018 acquisition of Toshiba Memory Corporation by K.K. Pangea, a special-purpose company formed by a consortium led by Bain Capital Private Equity, LP. and for the early redemption of existing non-convertible-bond-type preferred stock of Toshiba Memory Holdings Corporation.

The White & Case team in Tokyo which advised on the transaction was led by partner Zenya Onishi with support from associates Yoshiko Kawanami and Tomoyuki Susukida.

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