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Toshiba in turmoil

Toshiba Memory secures funding to buy back shares from Apple

Chipmaker raises $12bn as it prepares for stock market debut this year

Toshiba Memory has secured 1 trillion yen in loans from Japan's top three banks.

TOKYO -- Japanese chipmaker Toshiba Memory Holdings will procure 1.3 trillion yen ($11.8 billion) primarily through bank loans to repurchase preferred shares held by Apple and other U.S. tech companies ahead of a stock market debut later this year.

Toshiba Memory will take on 900 billion yen in loans from Sumitomo Mitsui Banking Corp., MUFG Bank and Mizuho Bank. Another 100 billion yen will come in the form of an additional commitment line, while 300 billion yen will be procured through an allotment of preferred shares to the Development Bank of Japan.

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