Toshiba Memory to buy back preferred shares from Apple, Dell, others for USD 4 bln – report

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(Telecompaper) Toshiba Memory, bought last year by Bain Capital, is hoping to buy out the preferred shares held in the company by Apple, Dell, Kingston Technology and Seagate Technology for over 4 USD , the Wall Street Journal reported, with sources estimating the deal at over USD 4 billion. The transaction will come under a refinancing plan worth JPY 1.3 trillion, or USD 11.8 billion, from Japanese banks. The money will go towards buying back the shares and simplifying the capital structure. This will make it easier for Toshiba Memory to list itself, the sources said. The Japanese banks working on the refinancing plan include the government-owned Development Bank of Japan, set to buy JPY 300 billion worth of shares and debt. 
Source: Industry News (syndicated from Telecompaper.com)

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