Lenovo, the world’s No. 4 PC maker, has lined up $500 million in new five-year loans.

According to Dow Jones news, Lenovo has signed an agreement with a syndicate of banks for the money.

Lenovo says the funds will be used to repay other loans and to provide capital.

Last week, Lenovo committed $175 million in stock to NEC as part of forming a joint venture with the Japan-based electronics giant that will focus on PCs in Japan.

The company, which bases its global headquarters in Morrisville, is expanding its product lineup with smart phones, tablet PCs and recently created a new group focused on mobile Internet devices as it braces for increased competition from Apple in its home market of China.

Read the Dow Jones report here.

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