JAPAN HOTEL REIT INVESTMENT CORPORATION This English translation is provided for information purposes only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.
March 24, 2022
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, Representative Director and President
Contact:
Makoto Hanamura
Director of the Board, Managing Director
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Notice Concerning New Loan (Refinancing)
Japan Hotel REIT Investment Corporation (hereinafter called "JHR") informs you that JHR resolved as below today on new borrowing (hereinafter called the "New Loan") for the purpose of refinancing of the existing loan.
1. Summary of the New Loan
JHR plans to refinance the existing loan, which is due on March 31, 2022 (hereinafter called the "Loan Scheduled for Repayment").
2. Details of the New Loan
- Total Amount of the New Loan JPY8,300M
- Details of the New Loan
Name of Loan | Term Loan 74 |
Lender | Sumitomo Mitsui Banking Corporation, Shinsei Bank, Limited, Resona |
Bank, Limited, Sumitomo Mitsui Trust Bank, Limited | |
Amount of the New Loan | JPY8,300M |
Interest Rate | Base interest rate (JBA Japanese Yen TIBOR for 3 months) + 0.50% (*) |
Date of Borrowing | March 31, 2022 (plan) |
Individual loan contracts to be concluded on March 29, 2022 with the lenders | |
Method of Borrowing | indicated above based on the Basic Agreement concluded on November 13, |
2013 (including subsequent amendments). | |
The interest payment dates shall be at the end of June 2022, the end of | |
Interest Payment Date | September 2022, the end of December 2022 (if the payment date is not a |
business day, it shall be paid on the preceding business day) and on the | |
maturity date. | |
Method of Principal Repayment | Lump-sum payment on the maturity date |
Maturity Date | March 31, 2023 (borrowing term: 1 year) |
Collateral | Unsecured/Unguaranteed |
- Base interest rate to be applied to the calculation period for the interest to be paid at interest payment dates will be
1
JBA Japanese Yen TIBOR for 3 months at 2 business days prior to preceding interest payment date. Please refer to the website of JBA TIBOR Administration for the JBA Japanese Yen TIBOR (http://www.jbatibor.or.jp/english/rate/).
3. Summary of the Loan Scheduled for Repayment
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Summary of the repayment
JHR plans to repay the loan with using the New Loan. - Total amount of the repayment JPY8,300M
- Scheduled date of the repayment March 31, 2022
- Details of the subject individual loan
Loan | Term Loan 12 | |
Lenders | Sumitomo Mitsui Banking Corporation | |
Date of borrowing | March 31, 2015 | |
Maturity date | March 31, 2022 | |
Borrowing balance | JPY1,500M | |
Loan | Term Loan 69 | |
Lenders | Sumitomo Mitsui Banking Corporation, Shinsei Bank, Limited, | |
Sumitomo Mitsui Trust Bank, Limited, Resona Bank, Limited | ||
Date of borrowing | March 31, 2021 | |
Maturity date | March 31, 2022 | |
Borrowing balance | JPY6,800M | |
4. Status of the Interest-Bearing Debt Before and After the New Loan (scheduled)
(Unit: millions of yen)
Category | Before | After | Variance | ||
Short-term loans | 29,513 | 31,013 | +1,500 | ||
Long-term loans (*2) | 95,141 | 93,641 | (1,500) | ||
Total Loans | 124,654 | 124,654 | 0 | ||
Total investment corporation bonds | 40,100 | 40,100 | 0 | ||
Total interest-bearing debt | 164,754 | 164,754 | 0 | ||
(*1) | Amounts are rounded down to the nearest millions of yen. | ||||
(*2) | Long-term loans payable within one year are included in the long-term loans. |
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- The fixed interest rate ratio to the total interest-bearing debt after the New Loan is forecasted to be around 79%.
5. Other
With respect to the risks of the New Loan, no important change is required for the "Investment Risks" in the Securities Report submitted on today.
* Website of Japan Hotel REIT Investment Corporation: https://www.jhrth.co.jp/en
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Disclaimer
Japan Hotel REIT Investment Corporation published this content on 24 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 March 2022 06:47:04 UTC.
