FILE PHOTO: Japanese chipmaker Kioxia's logo is displayed at its headquarters in Tokyo, Japan, September 30, 2021. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO (Reuters) -Bain Capital has proposed an initial public offering (IPO) of Japan's Kioxia Holdings as part of a plan to allow the money-losing chipmaker to refinance a $5.8 billion loan coming due in June, according to a person familiar with the matter.
Bain and Kioxia met with a group of banks including Sumitomo Mitsui, Mizuho and Mitsubishi UFJ on Monday after the lenders urged Kioxia to come up with a recapitalisation plan because it looks likely to run afoul of the terms of a 900 billion yen ($5.8 billion) syndicated loan, the person said.
