Tokyo Electric Power Co. is in discussions with banks and life insurance companies to borrow as much as 1.07 trillion yen ($13.3 billion).

The financing to Tepco, as the company is known, is for the purpose of refinancing an existing facility, reports Bloomberg citing credible sources.

The company is in talks with financial institutions for loans, according to Naoyuki Matsumoto, a Tepco spokesman. He declined to comment on details. The utility plans to outline its business plan by the end of March, as planned.

Lenders include the Development Bank of Japan, Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Corporate Bank Ltd., four insurance companies, four trust banks and about 30 regional Japanese banks, the people said.

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