Bloomberg: Broadcom has financing lined up for $18.3B Toshiba chip bid

|About: Broadcom Limited (AVGO)|By:, SA News Editor

Broadcom (AVGO +1.8%) has lined up financing for its presumed ¥2T (about $18.3B) bid for the chip business at Toshiba (TOSYY -4.2%), Bloomberg says.

Financing isn't only coming from bid partner Silver Lake ($3B in convertible debt) but also three Japanese banks, sources said: some $15B in loans from Mizuho, Sumitomo Mitsui, and Mitsubishi UFJ.

Mizuho and Sumitomo Mitsui are also primary banks for Toshiba.

Meanwhile, Western Digital (WDC -0.3%) is throwing up objections to the auction process, particularly to any deal with Broadcom. RBC's Amit Daryanan hears that WDC has the ability to block other bidders.

The second round of bids for the business is due May 19.

Previously: Toshiba chip bidders down to four; Western Digital raises flag (Apr. 12 2017)

Previously: Toshiba files quarterly report without auditor endorsement (Apr. 11 2017)