Japan Real Estate Investment : Announcement of Loan Prepayment and Debt Financing
09/17/2020 | 02:35am EST
NEWS RELEASE
September 17, 2020
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.
Naoki Umeda, President & CEO
Contact: Masaru Motooka
Executive Officer & General Manager
Planning Department
Phone: +81‐3‐3211‐7951
Announcement of Loan Prepayment and Debt Financing
Japan Real Estate Investment Corporation hereby announces its decision today to refinance part of an existing short‐term loan before the due date with a long‐term loan as follows:
1. Loan prepayment
(I)
Prepayment date:
September 23, 2020
(II)
Prepayment amount:
JPY 5,000 million
Overview of loan to be repaid before the due date:
Lender
Sumitomo Mitsui Trust Bank, Limited
Amount of loan
JPY 7,000 million
Outstanding balance after this
JPY 2,000 million
prepayment
Borrowing date
April 20, 2020
Principal repayment date
April 20, 2021
Interest rate
0.090%
(from August 20, 2020 through September 22, 2020)
Method of borrowing
Loan based on overdraft agreement
Unsecured/unguaranteed loan
Method of principal repayment
Lump‐sum repayment on the principal repayment date
*There will be no early repayment fee due to this loan prepayment.
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2. Debt Financing
Reason for the borrowing
To apply the following loan to the prepayment of the above mentioned loan of JPY 5,000 million. (II) Overview of the borrowing
(1)
Amount of loan
JPY 5,000 million
(2)
Lender
Sumitomo Mitsui Trust Bank, Limited
(3)
Interest rate
0.1475% (fixed)
(4)
Borrowing date
September 23, 2020
(5)
Method of borrowing
Loan agreement dated September 17, 2020
Unsecured/unguaranteed loan
(6)
Interest payment date
23rd of every March and September until the principal
repayment date (Note)
(7)
Method of principal repayment
Lump‐sum repayment on the principal repayment date
(8)
Principal repayment date
September 24, 2025
(Note1) In the event that an interest payment date does not fall on a business day, the interest shall be paid on the following business day. If the following business day, however, falls in the following month, the payment shall be made on the immediately preceding business day of the interest payment date.
3. Balance of interest‐bearing debt after the debt financing
(Units: millions of JPY)
Before
After
Increase/Decrease
Short‐term loans payable
36,000
31,000
‐5,000
Long‐term loans payable
23,000
23,000
±0
(Variable interest rate)
Long‐term loans payable
327,000
332,000
+5,000
(Fixed interest rate)
Total loans
386,000
386,000
±0
Investment corporation bonds
32,993
32,993
±0
Total
32,993
32,993
±0
investment corporation bonds
Total interest‐bearing debt
418,993
418,993
±0
4. Others
Regarding risks pertaining to this loan repayment, there is no material change to the "Investment risks" description in the latest securities report submitted on June 25, 2020.
This is the English translation of the announcement in Japanese dated September 17, 2020.
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 17 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2020 06:34:07 UTC
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