JAPAN REAL ESTATE INVESTMENT CORPORATION 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
