Skip navigation
Newswire

Citibank to add $350 mln to Nissan credit-paper

HONG KONG, Aug 19 (Reuters) - Citibank is planning to add US$350 million to the US$1.15 billion 364-day revolving credit for Japan carmaker Nissan Motor Co. , debt market newspaper, BasisPoint reported on Monday.

With many international banks pulling back from the Japanese loan market in recent months, Citibank may need to woo new lenders to increase the size of the deal, said BasisPoint, which is owned by Reuters .

"At the same time, in a demonstration of confidence in the borrower, the arranger is removing a ratings trigger from the original deal that would free lenders from their commitments if Nissan's credit ratings falls below a certain level," it said.

Standard & Poor's raised its ratings on Nissan to BBB-minus/A-3 in May on the back of the firm's progress in improving cost structure and debt reduction.

The revolving credit facility will be available to all of three Nissan Motor subsidiaries and can be drawn in various currencies.