Nippon Paint Holdings to borrow JPY 670bn

Nippon Paint Holdings Co., Ltd. (TSE: 4612) announced today its decision to borrow ¥670 billion. The borrowing is scheduled for execution on March 3, 2025, from Sumitomo Mitsui Banking Corporation. This move finalizes the acquisition of Global Specialty Formulator AOC, initially disclosed on October 28, 2024, now that the closing conditions are met. The loan's interest rate will be based on a floating rate linked to a benchmark rate plus a spread, with a term of 1 year. The method of repayment is a lump-sum repayment on the due date, and there is no collateral or guarantee associated with the loan. Nippon Paint Holdings stated that the impact of this borrowing on the company's future performance and financial position will be disclosed promptly once it becomes clear.