Financial services giant Orix Corp. is renewing a $600 million credit line from overseas lenders led by BNP Paribas SA and Credit Agricole SA, said three sources with direct knowledge of the transaction.
The loan facility is from 18 banks and exceeds the $526 million made available last year from 13 lenders, according to the sources, who declined to be identified because the information is private. Tokyo-based Orix will tap the funds in case it needs money quickly for activities such as possible takeovers, they said. The credit line was unused last year.
Orix, the country's third-largest corporate borrower last year, became one of the first Japanese companies to issue bonds after sales declined following the March 11 disaster hit the Tohoku region.