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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION

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Kenedix Residential Next Investment : Notice Concerning Debt Financing and Execution of Interest Rate Swap Agreement

09/17/2020 | 02:35am EDT

Translation of Japanese Original

September 17, 2020

To All Concerned Parties

REIT Issuer:

Kenedix Residential Next Investment Corporation

Representative: Keisuke Sato, Executive Director

(Securities Code: 3278)

Asset Management Company:

Kenedix Real Estate Fund Management, Inc.

Representative: Masahiko Tajima, President & CEO

Contact:Shin Yamamoto, Head of Planning

Division, Residential REIT Department

TEL:+81-3-5157-6011

Notice Concerning Debt Financing and Execution of Interest Rate Swap Agreement

Kenedix Residential Next Investment Corporation (the "Investment Corporation") announced today the decision regarding debt financing (total of ¥ 840 million) and execution of interest rate swap agreement. The details are as follows.

1. Details of Debt Financing

Amount

Interest Rate

Contract

Drawdown

Principal

Collateral

Series

Lender

repayment

Repayment

(million)

(Note 1) (Note 2)

Date

Date

Date (Note 2)

Method

Unsecured,

Base rate(Note 3)

unguaranteed

Sumitomo Mitsui

September

September

September

(JPY TIBOR

46

¥ 840

Repayment

Banking Corporation

for 3 month)

18, 2020

24, 2020

30, 2028

of principal

+ 0.550%

in full on

maturity date

Note 1The interest payment is due at the end of December 2020 and on the last day of every three months thereafter with the principal repayment day.

Note 2If the interest payment date or the principal repayment date is a non-business day, the date shall be the next business day and if such next business day falls under the next month, the date shall be the preceding business day.

Note 3The Japanese Yen TIBOR of the JBATA is available on the JBATA website (http://www.jbatibor.or.jp/english/).

2. Reason for Debt Financing

The borrowing above mentioned shall be used to apply the funds toward a payment for the acquisition of trust beneficiary interest in real estate (T-92: KDX Residence Ichikawa) stated in the press release "Notice Concerning Acquisition of Properties (KDX Residence Ichikawa)" announced on August 25, 2020 and associated costs thereof.

3. Interest Rate Swap Agreement

  1. Reason for Executing the Interest Rate Swap Agreement

For a hedge against possible increases in future interest rate for series 46 with floating interest rate.

1

  1. Details of the Interest Rate Swap Agreement

Series 46

Counterparty

To be determined(Note)

Notional Amount

¥ 840million

Fixed interest

To be determined(Note)

Interest

Rate for payment

Rate

Floating interest

Base rate (JPY TIBOR for 3 month)

Rate for receipt

Commencement Date

September 24, 2020

Termination Date

September 30, 2028

The interest payment is due at the end of December 2020, and on the last day of every three

Payment Date

months thereafter with termination date. (If each payment day is a non-business day, then the

payment will be due on the next business day and if the next business day is in the next month,

then the previous business day will be applied.)

(Note) Any undecided matters shall be determined on September 18, 2020 and will be announced after decision is made.

4. Status of the Interest-bearing Liabilities after the Borrowings (as of September 24, 2020)

(Unit: millions

of yen)

Classification

Balance Before

Balance After

Difference

the Borrowings

the Borrowings

Short-term borrowings(Note 1)

2,800

2,800

Current portion of long-term borrowings(Note 2)

16,500

16,500

Long-term borrowings(Note 3)

109,550

110,390

+840

Total borrowings

128,850

129,690

+840

Investment corporation bonds

7,000

7,000

Total interest-bearing liabilities

135,850

136,690

+840

Note1 The "Short-term borrowings" shall mean the borrowings with a period of less than or equal to one year from the borrowing date to the repayment date. However, if the first anniversary of the date of borrowings fall under a non-business day, the repayment date shall be the next business day and even if, as a result, the borrowing period exceeds one year, the borrowings shall be categorized as short-term borrowings.

Note2 The "Current portion of long-term borrowings" shall mean the long-term borrowings due within one year.

Note3 The "Long-term borrowings" shall mean the borrowings with a period of more than one year from the borrowing date to the repayment date.

5. Others

In relation to the risks associated with the borrowings, there have been no significant changes to the "Investment Risks" stated in the securities report (Yuka shoken hokokusyo) submitted on April 28, 2020.

* Website URL of the Investment Corporation: https://www.kdr-reit.com/en/

[Provisional Translation Only]

English translation of the original Japanese document is provided solely for information purposes.

Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

2

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Kenedix Residential Next 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


© Publicnow 2020
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Susumu Yamamoto Investor Relations Contact
Osamu Chiba Supervisory Officer
Satoshi Ogawa Supervisory Officer
Keisuke Sato Executive Officer
Katsue Okuda Executive Officer
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