Sojitz Corporation


Nissho Iwai announces the conclusion of a contract to set up a commitment line.

Oct. 11, 2002

TOKYO(October 11, 2002)--Nissho Iwai Corp. set up a commitment line on October 11th, 2002 to supplement the liquidity of cash and current accounts. The details are as follows:


Conclusion date October 11, 2002
Total commitment amount 100 billion Japanese yen
Participating financial institutions UFJ Bank Limited
Mizuho Corporate Bank, Ltd
The Bank of Tokyo-Mitsubishi, Ltd
The Daiwa Bank, Ltd 
The Norinchukin Bank
Terms of the contract From the conclusion date to March 31st, 2003.
(After March 31, 2003, it is planned that the contract will be renewed annually until the end of March, 2005)

The company has been cutting down interest-bearing debt by intensifying asset reduction, in accordance with the medium-term management plan which started in April, 2002. We believe that it is basically possible to accomplish the planned debt reduction by streamlining assets and maintaining liquidity at hand according to the plan.

The setting up of this commitment line will accelerate asset curtailment and enable us to be more flexible in dealing with cash flow gap during the term of the contract.  

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