10:14 AM EDT, 05/09/2024 (MT Newswires) -- (Updates with details on bonds and loan starting in second paragraph.)

Nippon Steel said Thursday it plans to raise as much as 250 billion yen ($1.61 billion) via loans and bond sales in anticipation of its planned acquisition of US Steel (X).

The Japanese company said it filed an amended shelf registration statement for the issuance of up to 167.5 billion yen in public subordinated bonds and arranged a syndicated loan of 82.5 billion yen.

Nippon Steel said funds from the financing will be used to redeem its unsecured subordinated bonds issued on

Sept. 12, 2019, boost its financial base to acquire US and to support its medium- to long-term management plan.

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