Hong Kong media report that Lenovo (LNVGY.PK) is seeking a US$300 million bank loan to renew the loan of last year which was spent acquiring IBM's (IBM) PC division.

Lenovo hopes to obtain the loan at much lower interest rate than the previous one.

Lenovo has commissioned an international consortium to be responsible for the loan issues. This includes the Industrial and Commercial Bank of China (Asia) and the HSBC Group.

Last year, Lenovo borrowed $600 million at an interest ratehigher than the ordinary rate. Analysts in local media say that Lenovo will use this loan to pay off the debt resulting from the acquisition of IBM.