Japan Real Estate Investment : Announcement of Debt Financing
August 01, 2022 at 02:34 am EDT
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NEWS RELEASE
August 1, 2022
For Immediate Release
Investment Corporation
Japan Real Estate Investment Corporation
Yutaka Yanagisawa, Executive Director
(TSE code: 8952)
Asset Management Company
Japan Real Estate Asset Management Co., Ltd.
Shojiro Kojima, President & CEO
Contact: Masaru Motooka
Executive Officer & General Manager Planning
Department
Phone: +81‐3‐3211‐7951
Announcement of Debt Financing
Japan Real Estate Investment Corporation hereby announces its decision today to procure funds through a general syndication loan as follows:
1. Reason for the borrowing
To repay part of the existing general syndication loan of JPY 6.5 billion executed on August 10, 2015.
(Note1)
2. Overview of the borrowing
(1)
Borrowing date:
August 10, 2022
(2)
Total amount:
JPY 5,500 million
(3)
Arrangers and Agents:
Mizuho Bank, Ltd. and MUFG Bank, Ltd.
(4) Lender, Amount of loan, Principal repayment date:
Lender
Amount of loan
Principal repayment date
(Repayable before the due date)
The Shinkumi Federation Bank
JPY 3,000 million
The Toho Bank, Ltd.
JPY 1,000 million
August 10, 2032
The Keiyo Bank, Ltd.
JPY 1,000 million
The Tochigi Bank, Ltd.
JPY 500 million
(5) Interest rate:
To be determined (Note2)
1
August 10, 2015
Method of borrowing:
Interest payment date:
Method of principal repayment:
Loan agreement dated August 8, 2022 with the agents and the lenders listed in (3) and (4) above
Unsecured/unguaranteed loan
The principal repayment date and the 10th of every February and August in the period until the principal repayment date (Note3) Lump‐sum repayment on the principal repayment date
(Note1) Of the JPY 6.5 billion, JPY 1 billion will be repaid using cash on hand.
(Note2) The interest rate will be announced as soon as it is determined.
(Note3) When an interest payment date is not a business day, the interest shall be paid on the following business day or the immediately preceding business day if the following business day is in the following month.
Overview of Existing Loan Subject to Repayment
(1) Borrowing date:
(2) Lender, Amount of loan, Principal repayment date, Disclosed date:
Lender
Amount of loan
Principal repayment
Disclosed date
date
General syndication
JPY 6,500 million
August 10, 2022
July 28, 2015
loan (Note4)
(Note4) Lender and amount of loans as follows; JPY 1,000 million by The Gunma Bank, Ltd., The Shinkumi Federation Bank, Daishi Hokuetsu Bank, Ltd., The Chugoku Bank, Limited., The Toho Bank, Ltd., and The Fukui Bank, Ltd. respectively. JPY 500 million by The Tochigi Bank, Ltd.
3. Balance of interest‐bearing debt after the debt financing
(Units: millions of yen)
Before
After
Increase/Decrease
Short‐term loans payable
26,200
26,200
±0
Long‐term loans payable
21,000
21,000
±0
(Variable interest rate)
Long‐term loans payable
334,700
333,700
‐1,000
(Fixed interest rate)
Total loans
381,900
380,900
‐1,000
Investment corporation bonds
42,993
42,993
±0
Total
42,993
42,993
±0
investment corporation bonds
Total interest‐bearing debt
424,893
423,893
‐1,000
4. Others
Regarding risks pertaining to this loan repayment, there is no material change to the descriptions of "Investment risks" in the latest securities report submitted on June 24, 2022.
This is the English translation of the announcement in Japanese dated August 1, 2022.
No assurance or warranties are given for the completeness or accuracy of this English translation.
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Disclaimer
JREI - Japan Real Estate Investment Corporation published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 06:33:19 UTC.
Japan Real Estate Investment Corp is a Japan-based real estate investment trust (REIT) company. The Company aims to achieve stable earnings from mid- to long-term perspectives through investment in office buildings and other assets mainly located in the Tokyo metropolitan area and other major cities. The Company also invests in real estate-related securities. Its main portfolio includes Kitanomaru Square, Shiodome Building, Akasaka Park Building, Mitsubishi UFJ Trust and Banking Building, MM Park Building, Shibuya Cross Tower, Tokyo Opera City Building, Harumi Front, Harumi Center Building and Shin-Fujita Building, among others. The asset manager of Japan Real Estate Investment is Japan Real Estate Asset Management Co Ltd.