Japan Real Estate Investment : Announcement of Loan Pre-payment and Debt Financing
August 08, 2022 at 10:26 pm EDT
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NEWS RELEASE
August 8, 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 Loan Pre‐payment and Debt Financing
Japan Real Estate Investment Corporation hereby announces its decision today to repay the existing loan before the due date and to procure funds as follows:
1. Loan pre‐payment
(I) Pre‐payment date:
August 10, 2022
Overview of loan to be repaid before the due date:
(1)
Amount of pre‐payment
JPY 3,000 million
(2)
Amount of loan
JPY 4,500 million
(3)
Amount of loan after the
JPY 1,500 million
pre‐payment
(4)
Lender
MUFG Bank, Ltd.
(5)
Interest rate
0.12545% (from July 15, 2022 through August 9, 2022)
(6)
Borrowing date
July 15, 2022
(7)
Method of borrowing
Loan based on overdraft agreement
Unsecured/unguaranteed loan
(8)
Interest payment date
The principal repayment date and the 10th of every month
in the period until the principal repayment date
(9)
Method of principal repayment
Lump‐sum repayment on the principal repayment date
(10)
Principal repayment date
July 10, 2023
*There will be no early repayment fee due to this loan pre‐payment.
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2. Debt Financing
Reason for the borrowings
To apply the following loans to the pre‐payment of the above mentioned loan of JPY 3 billion
(II) Overview of the borrowings
(1)
Amount of loan
JPY 2,000 million
JPY 1,000 million
(2)
Lender
Daishi Hokuetsu Bank, Ltd.
The Chugoku Bank, Limited.
(3)
Interest rate
0.39875%
(4)
Borrowing date
August 10, 2022
(5)
Method of borrowing
Loan agreement dated August 8, 2022
Unsecured/unguaranteed loan
(6)
Interest payment date
The principal repayment date and the 10th day of every
February and August in the period until the principal
repayment date (Note)
(7)
Method of principal repayment
Lump‐sum repayment on the principal repayment date
(8)
Principal repayment date
August 10, 2032
(Note) 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.
3. Balance of interest‐bearing debt after the debt financing
(Units: millions of yen)
Before
After
Increase/Decrease
Short‐term loans payable
26,200
23,200
‐3,000
Long‐term loans payable
21,000
21,000
±0
(Variable interest rate)
Long‐term loans payable
333,700
336,700
+3,000
(Fixed interest rate)
Total loans
380,900
380,900
±0
Investment corporation bonds
42,993
42,993
±0
Total
42,993
42,993
±0
investment corporation bonds
Total interest‐bearing debt
423,893
423,893
±0
(Note)For the above balances, the borrowing described in the press release "Announcement of Debt Financing" dated August 1, 2022 has been taken into account.
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 8, 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 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 02:25:01 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.