February 15, 2012 / 6:58 PM / in 6 years

Tepco seeks $6.38 billion loan: report

(Reuters) - Tokyo Electric Power Co 9501.T and a government-run nuclear compensation fund have requested the utility’s lenders to provide 500 billion yen ($6.38 billion) in new financing in two stages as part of a loan package worth 1.07 trillion yen.

Scratches are seen on the logo of Tepco, the operator of the Fukushima Daiichi nuclear power plant, at the company's headquarters in Tokyo December 16, 2011. REUTERS/Kim Kyung-Hoon

Last week, Tepco and the fund supporting it asked lenders for about 1 trillion yen in additional financing.

Tepco and the Nuclear Damage Liability Facilitation Fund want 200 billion yen this July and 300 billion yen in December 2013.

They have asked the Development Bank of Japan DBJPN.UL to supply 150 billion yen in July and at the end of 2013.

The total sum is 50 billion yen-plus for Sumitomo Mitsui Banking Corp 8316.T, and about 28 billion yen for Mizuho Corporate Bank 8411.T.

Bank of Tokyo-Mitsubishi UFJ 8306.T has been hit up for more than 20 billion yen.

Major life insurers -- including Nippon Life Insurance Co and Dai-ichi Life Insurance Co 8750.T -- as well as Sumitomo Mitsui Trust Holdings Inc 8309.T and other trust banks, have been asked to cough up around 100 billion yen combined.

The lending package also includes 170 billion yen in refinancing and a 400 billion yen credit line that Tepco can tap from April 2015. ($1 = 78.3350 Japanese yen) (Reporting by Shounak Dasgupta in Bangalore)

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