Tess Holdings (TYO:5074) subsidiary Tess Engineering will execute a loan agreement to secure working capital, according to a Friday filing with the Japanese bourse.
The agreement with a syndicate of lenders arranged by Sumitomo Mitsui Banking Corporation provides a commitment line of 15.4 billion yen without collateral. Tess Engineering drew 9.24 billion yen under the facility on Friday for repayment Oct. 30.
Shares of Tess Holdings fell nearly 3% at market close.