JAPAN METROPOLITAN FUND INVESTMENT CORPORATION Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953)
News Release -January 30, 2015
Notice Concerning Completion of the Interest Rate Swap AgreementsJapan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953) announced today that it has concluded interest rate swap agreements as described below.
1. Summary of the contract of interest swap
Lender | Amount outstanding | Interest rate | Borrowing date | Maturity date (Note 2) | Debt term | Remaining term | ||||
Lender | Amount outstanding | From February 3, 2015 to maturity date | (Reference) As of January 30, 2015 (Note 1) | Borrowing date | Maturity date (Note 2) | Debt term | Remaining term | |||
Loan 1 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 5,000 million | Fixed | 0.96175% | Variable | 0.78091% | September 22, 2011 | September 22, 2021 | 10 years | 6.6 years |
Loan 2 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 10,000 million | Fixed | 0.88175% | Variable | 0.73091% | September 22, 2011 | March 22, 2021 | 9.5 years | 6.1 years |
Loan 3 | Sumitomo Mitsui Banking Corporation | ¥ 2,000 million | Fixed | 0.92425% | Variable | 0.80091% | September 30, 2011 | September 30, 2020 | 9 years | 5.7 years |
Loan 4 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 10,075 million | Fixed | 0.80550% | Variable | 0.68091% | September 22, 2011 | September 18, 2020 | 9 years | 5.6 years |
Loan 5 | Sumitomo Mitsui Banking Corporation | ¥ 3,000 million | Fixed | 0.62700% | Variable | 0.53091% | October 2, 2012 | April 2, 2020 | 7.5 years | 5.2 years |
Loan 6 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 4,500 million | Fixed | 0.62700% | Variable | 0.53091% | October 2, 2012 | April 2, 2020 | 7.5 years | 5.2 years |
Loan 7 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 13,000 million | Fixed | 0.72500% | Variable | 0.63091% | September 22, 2011 | March 19, 2020 | 8.5 years | 5.1 years |
Loan 8 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 8,000 million | Fixed | 0.66275% | Variable | 0.58091% | December 21, 2011 | December 20, 2019 | 8 years | 4.9 years |
Loan 9 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 7,500 million | Fixed | 0.54900% | Variable | 0.48091% | October 2, 2012 | October 2, 2019 | 7 years | 4.7 years |
Loan 10 | The Bank of Tokyo-Mitsubishi UFJ, Ltd. Mitsubishi UFJ Trust and Banking Corporation Sumitomo Mitsui Trust Bank, Limited | ¥ 7,000 million | Fixed | 0.58800% | Variable | 0.53091% | December 21, 2011 | June 21, 2019 | 7.5 years | 4.4 years |
(Note1) (Reference) Japanese Bankers Association Japanese Yen TIBOR for 3 months as of January 30, 2015 is applied as the base interest rate for valuable interest rate.
(Note 2) Method of borrowing and repayment of principal for the borrowings above are unsecured and unguaranteed, lump sum repayment.
2. Reason for completion of the contract of interest swap
JRF is continuously implements measures to further strengthen the financial stability by extending loan terms, diversifying maturity as well as lenders and fixing interest rates. This time, JRF contracts swap agreements to fix interest rates in a part of the existing borrowings listed in item 1 above and to hedge against risk on variable interest rates.
The increasing cost of interest will be offset by decrease in the cost of interest after executing the measures described in "Notice Concerning Issuance of Investment Corporation Bonds, Debt Financing and Completion of the Contract of Interest Swap, and Early Repayment" released on January 29, 2015.
3. Description of interest rate swap agreements
[Interest rate swap agreements]
Loan 1 | Loan 2 | Loan 3 | Loan 4 | Loan 5 | ||
1. Guarantor | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | Sumitomo Mitsui Trust Bank, Limited | |
2. Estimated principal | ¥5,000 million | ¥10,000 million | ¥2,000 million | ¥10,075 million | ¥3,000 million | |
3. Interest rate | Fixed interest payment | 0.36175% | 0.33175% | 0.30425% | 0.30550% | 0.27700% |
3. Interest rate | Variable interest receipt | Japanese Banker's Association Japanese Yen TIBOR for 3 months | ||||
4. Contract start date | February 3, 2015 | |||||
5. Contract end date | September 22, 2021 | March 22, 2021 | September 30, 2020 | September 18, 2020 | April 2, 2020 | |
6. Interest repayment date | Fixed interest payments and variable receipt are due on the 30thof June, September and December and the 31st of March every year and on the principal repayment date. The first payment date is March 31, 2015. |
Loan 6 | Loan 7 | Loan 8 | Loan 9 | Loan 10 | ||
1. Guarantor | Sumitomo Mitsui Trust Bank, Limited | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | Sumitomo Mitsui Trust Bank, Limited | Sumitomo Mitsui Trust Bank, Limited | The Bank of Tokyo-Mitsubishi UFJ, Ltd. | |
2. Estimated principal | ¥4,500 million | ¥13,000 million | ¥8,000 million | ¥7,500 million | ¥7,000 million | |
3. Interest rate | Fixed interest payment | 0.27700% | 0.27500% | 0.26275% | 0.24900% | 0.23800% |
3. Interest rate | Variable interest receipt | Japanese Banker's Association Japanese Yen TIBOR for 3 months | ||||
4. Contract start date | February 3, 2015 | |||||
5. Contract end date | April 2, 2020 | March 19, 2020 | December 20, 2019 | October 2, 2019 | June 21, 2019 | |
6. Interest repayment date | Fixed interest payments and variable receipt are due on the 30th of June, September and December and the 31st of March of every year and on the principal repayment date. The first payment date is March 31, 2015. |
*The variable interest rate will be fixed at 0.96175% for Loan 1, 0.88175% for Loan 2, 0.92425% for Loan 3, 0.80550% for Loan 4, 0.62700% for Loan 5,
0.62700% for Loan 6, 0.72500% for Loan 7, 0.66275% for Loan 8, 0.54900% for Loan 9, 0.58800% for Loan 10, with the contract of interest rate swap agreements.
Changes in fixed interest rate ratio
Fixed interest rate ratio
As of August 31, 2014 As of October 16, 2014(Note) After fixing interest rates
As of February 3, 2015
(including tenant leasehold and security deposit) 73.7% 76.7% 92.8%
Fixed interest rate ratio
(excluding tenant leasehold and security deposit)
(Note) For more details, please refer to "Notice Concerning Completion of the Interest Rate Swap Agreements" dated October 14, 2014.
4. Future outlook of JRF
There will be minimal impact on our operating results for the February 2015 fiscal period (from September 1, 2014 to February
28, 2015) and the August 2015 fiscal period (from March 1, 2015 to August 31, 2015); thus, our forecasts will not be revised.
About JRF:JRF is the third listed Japanese Real Estate Investment Trust ("J-REIT") and the first J-REIT to focus exclusively on retail properties. As of the date of this release, JRF owns 88 properties containing approximately 3.1 million square meters of leasable space.
Please refer to our website athttp://www.jrf-reit.com/english/index.html for further details.
Contacts:For further information relating to this press release as well as JRF and Mitsubishi Corp.-UBS Realty Inc., its Asset Manager, please feel free to contact: Mr. Fuminori Imanishi (Telephone Number: 81-3-5293-7080), Head of Retail Division at Mitsubishi Corp.-UBS Realty Inc.,
Investor Relations: Telephone Number: 81-3-5293-7081
E-mail: jrf-8953.ir@mc-ubs.com
This translation is for informational purposes only, and the Japanese language release should be referred to as the original.
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