Nippon Oil Agrees to $370 Million Sale Leaseback of Seven Buildings

Bloomberg - December 27, 2007

Nippon Oil Corp., Japan's biggest petroleum refiner, said it will sell and lease back all of its buildings for 42.3 billion yen ($370 million) as the company seeks to improve its balance sheet.

Tokyo-based Nippon Oil by the end of January will sell seven buildings, which will then be securitized, the company said in a statement on its Web site yesterday. Nippon Oil will take a gain of 10 billion yen from the sale for the year ending March 31. The company said it won't change its earnings forecast.