MOL to obtain bank loan of $354m

Box liner Mitsui O.S.K. Lines (MOL) has entered an agreement to borrow a bank loan for up to JYP30bn ($354m) from banks led by Sumitomo Mitsui Banking Corp, reports said, Seatrade-asia reports. The loan will be over a three-year period with MOL paying 0.03% more than the three-month London interbank offered rate for Japanese yen, Bloomberg reported. Last month, MOL filed a documentation with Japan's ministry of finance on plans to sell up to JPY100bn worth of bonds over the next two years.