Panasonic Corp (PCRFY)

[Holger_Danske]

6:20 am Tower Semicon: JA Mitsui and TowerJazz Panasonic Semiconductor sign definitive five year term loan agreement to provide 8.8 bln yen (~ $85 mln) (TSEM) : TowerJazz announced the signature of a definitive five year term loan agreement with JA Mitsui, a Japanese financing institute, to provide TowerJazz Panasonic Semiconductor (TPSCo), of which Tower Semiconductor has the majority holding, with a term loan of 8.8 bln Japanese Yen (~ $85 mln). The loan will carry an annual interest of the TIBOR rate plus ~ 2% per annum, will mature in mid 2019 and will be repaid in seven equal semi-annual installments which will commence two years after signing. The TIBOR rate applicable to the interest payments will be the six month TIBOR (Tokyo Interbank Offered Rate). The loan will come in lieu of an 8.8 bln Yen bridge-loan received from Panasonic (PCRFY), as presented in the company's balance sheets as of March 31, 2014.

So, the loan from Panasonic is not going through after all? So that means Panasonic will have that 8B Yen available for redeployment elsewhere...like the Gigafactory possibly?