Consumer lender Takefuji Corp. plans to raise ¥42 billion through bank loans and sales of stocks, two sources said Thursday.
The firm will borrow ¥32 billion in a three-year loan from regional banks and raise another ¥10 billion by selling its shares in Toyota Motor Corp. and other companies, the sources said. Takefuji also plans to save about ¥60 billion by reducing lending.
Chief Executive Officer Akira Kiyokawa is seeking to repay ¥130 billion, or almost half of Takefuji's interest-bearing debt, by June, the sources said. Moody's Investors Service has cut the lender's credit rating for the second time in nine days, citing a "difficult funding environment."