POLARIS HOLDINGS CO., LTD. March 30, 2022
FOR IMMEDIATE RELEASE
Company Name: Polaris Holdings Co., Ltd.
Representative: Atsuo Umeki, President and Representative Director
Stock Listing: Tokyo Stock Exchange, Second Section
Stock Code: 3010
Inquiries: Satoshi Hosono, Director and CFO（TEL:03-5822-3010）
Polaris Completes Unsecured Financing to Further Execute Business Plan
Polaris Holdings Co., Ltd. (hereinafter, the "Polaris") announced today that, Board of Directors resolved to consummate a JPY600 million unsecured financing package from our main bank The Kiraboshi Bank, Ltd. and SAO III LLC, an affiliate of Star Asia Group, our sponsor.
1. Aim of Borrowing Capital
The financings were completed further strengthen the financial base of Polaris and its subsidiaries (hereinafter, the "Group") by increasing liquidity and cash on hand to further promote and execute on its business plan.
2. Outline of Borrowing of Capital
( I ) Outline of Borrowing of Capital from Kiraboshi Bank
(i) | Lender | Kiraboshi Bank, Ltd. |
(ii) | Limit Amount | 300 million yen |
(iii) | Use of funds | Working capital |
(iv) | Borrowing date | March 31, 2022 (Plan) |
(v) | Loan period | 7 years |
(vi) | Borrowing rate | Base rate + spread |
(vii) | Collateral | None |
( II ) Outline of Borrowing of Capital from SAO III LLC
(i) | Lender | SAO III LLC |
(ii) | Limit Amount | 300 million yen |
(iii) | Use of funds | Working capital |
(iv) | Borrowing date | March 31, 2022 (Plan) |
(v) | Loan period | 7 years |
(vi) | Borrowing rate | Base rate + spread |
(vii) | Collateral | None |
3. Outlook
The impact of these borrowings on the consolidated financial results for the current fiscal year will be minor. The Group has decided to postpone disclosure of its consolidated forecast due to the current difficulty of reasonably forecasting the impact of the COVID-19 pandemic on the Group's business activities for the fiscal year ending March 31, 2022. The Company will promptly announce forecasts as soon as disclosure becomes possible.
NOTE: This is an English translation summary of the Company's announcement in Japanese. No assurances or warranties are given for completeness or accuracy of this English translation summary.
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KACHIKAIHATSU Co. Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 07:05:09 UTC.
