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TOSHIBA-MEMORY-HOLDINGS

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Toshiba Memory Holdings to Implement 1.2 Trillion Yen Financing Through Preferred Stock and Loans

Toshiba Memory Holdings Corporation , the world leader in memory solutions, announced today that its board of directors has agreed today with Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., and Mizuho Bank, Ltd., (hereinafter: main financial banks), to take on 900 billion yen in new loans and an additional commitment line of 100 billion yen, aiming to further strengthen the company’s business base and capital structure. The board of directors also decided today to issue 300 billion yen worth of non-convertible-bond-type preferred stock as a third-party allotment to Development Bank of Japan Inc., bringing the total amount of new financing to 1.2 trillion yen. Both financing initiatives are scheduled to be implemented by the end of June.

The new financing will be used to refinance loans totaling of 600 billion yen from its main financial banks for the acquisition of Toshiba Memory Corporation last June by K.K. Pangea, a special-purpose company formed by a consortium led by Bain Capital Private Equity, LP. The company will also reorganize its capital structure through moves including early redemption of existing non-convertible-bond-type preferred stock.

Toshiba Memory Holdings will continue to enhance its competitiveness by deploying various financial measures going forward. This will include implementing cutting-edge R&D targeted at flash memory and responding to promising market trends with strategic capital investments in its “K1” manufacturing facility in Kitakami, Iwate Prefecture, Japan.

About Toshiba Memory

Toshiba Memory Group, a world leader in memory solutions, is dedicated to the development, production and sales of flash memory and SSDs. In April 2017, Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Toshiba Memory pioneers cutting-edge memory solutions and services that enrich people's lives and expand society's horizons. The company's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, SSDs, automotive and data centers. For more information on Toshiba Memory, please visit https://business.toshiba-memory.com/en-jp/

Contact:

Toshiba Memory Holdings Corporation Kota Yamaji Public Relations & Investors Relations Phone: +81-3-6478-2319 tmchq-tmchd-info@ml.toshiba.co.jp

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