JAPAN REAL ESTATE INVESTMENT CORPORATION NEWS RELEASE
July 21, 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: | July 25, 2022 |
- Overview of loan to be repaid before the due date:
(1) | Amount of loan | JPY 3,000 million |
(2) | Lender | Mizuho Bank, Ltd. |
(3) | Interest rate | 0.1218% (from June 27, 2022 through July 24, 2022) |
(4) | Borrowing date | April 25, 2022 |
(5) | Method of borrowing | Loan based on overdraft agreement |
Unsecured/unguaranteed loan | ||
(6) | Interest payment date | The principal repayment date and the 25th of every month |
in the period until the principal repayment date | ||
(7) | Method of principal repayment | Lump‐sum repayment on the principal repayment date |
(8) | Principal repayment date | April 25, 2023 |
*There will be no early repayment fee due to this loan pre‐payment.
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2. Debt Financing
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Reason for the borrowings
To apply the following loan to the pre‐payment of the above mentioned loan of JPY 3 billion
(II) Overview of the borrowings
(1) | Amount of loan | JPY 3,000 million |
(2) | Lender | Mizuho Bank, Ltd. |
(3) | Interest rate | Base rate (1‐month JPY TIBOR published by Japanese Bankers |
Association (hereinafter "JBA")) + 0.040% (Note1) | ||
(4) | Borrowing date | July 25, 2022 |
(5) | Method of borrowing | Loan based on overdraft agreement |
Unsecured/unguaranteed loan | ||
(6) | Interest payment date | The principal repayment date and the 10th of every month |
in the period until the principal repayment date (Note2) | ||
(7) | Method of principal repayment | Lump‐sum repayment on the principal repayment date |
(8) | Principal repayment date | July 10, 2023 |
(Note1)・ The base rate to calculate the interest to be paid on interest payment dates is JBA 1‐month JPY TIBOR as of the second preceding business day of the borrowing date for the first interest payment date and as of the second preceding business day of the most recent interest payment date for the subsequent interest payment dates. (JBA 1‐month JPY TIBOR as of July 21, 2022 is 0.08545%.)
- The interest calculation period on the first interest payment date is 16 days from July 25, 2022 to August 9, 2022.
- For the JBA Japanese Yen TIBOR, please refer to JBA TIBOR administration's website
(https://www.jbatibor.or.jp/english/rate/).
(Note2) 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 | 26,200 | ±0 |
Long‐term loans payable | 21,000 | 21,000 | ±0 |
(Variable interest rate) | |||
Long‐term loans payable | 334,700 | 334,700 | ±0 |
(Fixed interest rate) | |||
Total loans | 381,900 | 381,900 | ±0 |
Investment corporation bonds | 42,993 | 42,993 | ±0 |
Total | 42,993 | 42,993 | ±0 |
investment corporation bonds | |||
Total interest‐bearing debt | 424,893 | 424,893 | ±0 |
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.
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This is the English translation of the announcement in Japanese dated July 21, 2022.
No assurance or warranties are given for the completeness or accuracy of this English translation.
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JREI - Japan Real Estate Investment Corporation published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 06:53:02 UTC.
