January 24, 2014
Investment Corporation: Daiwa House Residential Investment Corporation
7th Floor, Nissei Nagatacho Building
2-4-8 Nagatacho, Chiyoda-ku, Tokyo Tetsuji Tada, Executive Director (Code Number: 8984)
Asset Manager: Daiwa House Asset Management Co., Ltd.
Yuji Yamada, CEO & President
Inquiries: Hirotaka Uruma, CFO & Director Finance & Corporate Planning Department TEL: +81-3-3595-1265
Daiwa House Residential Investment Corporation ("DHI") announces its decision to undertake debt financing and the repayment of the rehabilitation obligations. The details are as follows:
1. Details of Debt Financing
(1) Term Loan Agreement (Negotiated)
Use | Repayment of the rehabilitation obligations (loans and investment corporation bonds) (Note 2) |
Lenders | The Norinchukin Bank |
Amount | ¥3,500,000,000 |
Interest Rate (Variable interest rate) (Note 1) | Basic interest rate (Japanese Bankers Association 1month yen TIBOR + 0.40%) |
Loan Date (planned) | January 31, 2014 |
Interest Payment Date | First payment on the last day of February 2014 (or last business day of the months). Subsequent payment on the last day of respective months and maturity date (or last business day of the respective months). |
Repayment date | January 31, 2021 (or last business day of the months) |
Repayment method | Principal repayment in full on the maturity date |
Collateral | Unsecured, Unguaranteed |
(Note 1) JBA 1 month yen TIBOR rate of two business days prior to the latest interest payment date will be use as the base rate to calculate the applicable interest rate for the current calculation period.
Please refer to JBA website ( http://www.zenginkyo.or.jp/en/tibor/) for the yen TIBOR.
(Note 2) Please refer to the 2. "Details of Repayment" below.
This English language notice is a translation of the Japanese language notice issued on the same day and was prepared solely for the convenience of,
and reference by, overseas investors. DHI makes no warranties as to its accuracy or completeness.
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2. Details of Repayment
(1) Rehabilitation Obligations (loans)
Lenders | The Norinchukin Bank |
Repayment Date (planned) | January 31, 2014 |
Maturity Date | January 31, 2014 |
Balance of Principal | ¥3,039,055,695 |
Amount of Repayment | ¥3,039,055,695 |
Interest Rate | Basic interest rate (Japanese Bankers Association 3month yen TIBOR + 1.00%) (Variable interest rate) |
Repayment method | Principal repayment in full on the maturity date |
Collateral | Unsecured, Unguaranteed |
(2) Rehabilitation Obligations (investment corporation bonds)
Bond Name | New City Residence Investment Corporation First Series Unsecured Investment Corporation Bonds |
Redemption Date (planned) | January 31, 2014 |
Maturity Date | January 31, 2014 |
Balance of Principal | ¥534,789,876 |
Amount of Redemption | ¥534,789,876 |
Interest Rate | Basic interest rate (Japanese Bankers Association 3month yen TIBOR + 1.00%) (Variable interest rate) |
Repayment method | Principal repayment in full on the maturity date |
Collateral | Unsecured, Unguaranteed |
3. Funds for the Repayment
The Repayment will be funded using Debt Financing announced today and cash on hand.
4. Future Prospects
The Debt Financing and Repayment will have only a minor impact on operating status forecasts for the fiscal period ending in February 28, 2014 (16th Fiscal Period: from September 1, 2013 to February 28,
2014) and August 31, 2014 (17th Fiscal Period: from March 1, 2014 to August 31, 2014), there is no revision to the operating status forecasts.
5. Other
For the risks concerning Debt Financing etc., there are no significant changes from the security registration statement (submitted on November 25, 2013).
This English language notice is a translation of the Japanese language notice issued on the same day and was prepared solely for the convenience of,
and reference by, overseas investors. DHI makes no warranties as to its accuracy or completeness.
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[Reference]
Status of Balance of Interest-bearing Liabilities after Debt Financing and the Repayment (planned)
(Unit: million yen; rounded under million yen)
Before Debt Financing and the Repayment (as of December 30, 2013) | After Debt Financing and the Repayment (planned) (as of January 31, 2014) | Increase (Decrease) | ||
Long-term loans (Note 1) | Term loan III | 10,500 | 10,500 | - |
Long-term loans (Note 1) | Term loan IV | 31,800 | 31,800 | - |
Long-term loans (Note 1) | Resona Bank-1 | 1,095 | 1,095 | - |
Long-term loans (Note 1) | Term loan V | 7,000 | 7,000 | - |
Long-term loans (Note 1) | Term loan VI | 7,000 | 7,000 | - |
Long-term loans (Note 1) | The Bank of Tokyo-Mitsubishi UFJ-1 | 4,000 | 4,000 | - |
Long-term loans (Note 1) | Term loan VII | 12,400 | 12,400 | - |
Long-term loans (Note 1) | Term loan VIII | 7,600 | 7,600 | - |
Long-term loans (Note 1) | Term loan IX | 17,410 | 17,410 | - |
Long-term loans (Note 1) | Development Bank of Japan Inc.-1 | 1,500 | 1,500 | - |
Long-term loans (Note 1) | The Norinchukin Bank-1 | - | 3,500 | 3,500 (Note 2) |
Total loans | 100,305 | 103,805 | 3,500 | |
Investment corporation bonds | 3,000 | 3,000 | - | |
Rehabilitation obligations (loans) | Maturity Date: Jan. 31, 2014 | 3,039 | - | (3,039) (Note 3) |
Rehabilitation obligations (loans) | Maturity Date: Jan. 30, 2015 | 14,327 | 14,327 | - |
Rehabilitation obligations (investment corporation bonds) | Maturity Date: Jan. 31, 2014 | 534 | - | (534) (Note 3) |
Rehabilitation obligations (investment corporation bonds) | Maturity Date: Jan. 30, 2015 | 534 | 534 | - |
Total rehabilitation obligations | 18,435 | 14,861 | (3,573) | |
Total interest-bearing liabilities | 121,740 | 121,666 | (73) |
(Note 1) Long-term loans are loans with maturity periods of over one year. (Note 2) Increase attributable to debt financing announced today.
(Note 3) Decrease attributable to the repayment announced today.
* This press release is to be distributed to the Kabuto Club (the press club of the Tokyo Stock Exchange); the Ministry of Land, Infrastructure, Transport and Tourism Press Club; and the Ministry of Land, Infrastructure, Transport and Tourism Press Club for Construction Publications.
* URL of the DHI's website: http://daiwahouse-resi-reit.co.jp/eng /
This English language notice is a translation of the Japanese language notice issued on the same day and was prepared solely for the convenience of,
and reference by, overseas investors. DHI makes no warranties as to its accuracy or completeness.
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