AsianFin -- Nippon Steel announced Wednesday it will raise 800 billion yen ($5.6 billion) through two subordinated loans to help finance its $14.9 billion acquisition of U.S. Steel and refinance existing debt.

Japan’s largest steelmaker said it will allocate 500 billion yen from the new loans to partially repay a 2 trillion yen bridge loan obtained in June to fund the U.S. Steel deal. The remaining 300 billion yen will be used to refinance an earlier 450 billion yen subordinated loan.