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.
October 13, 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, President & CEO
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 today on new borrowing (hereinafter called the "New Loan"), as follows.
1. Summary of the New Loan
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Content of the New Loan
JHR plans to substantially refinance a portion of the investment corporation bonds, which will be redeemed on October 21, 2022 (hereinafter called the "Investment Corporation Bonds to be Redeemed"). - Amount of the New Loan JPY4,600M
- Details of the New Loan
Name of Loan | Term Loan 78 |
Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., | |
Lender | Sumitomo Mitsui Trust Bank, Limited, Development Bank of Japan Inc., |
Resona Bank, Limited., The Shizuoka Bank, Ltd., The Minato Bank, Ltd. | |
Amount of the New Loan | JPY4,600M |
Interest Rate | Base interest rate (JBA Japanese Yen TIBOR) + 0.50% (*) |
Date of Borrowing | October 20, 2022 (plan) |
Individual loan contracts to be concluded on October 18, 2022 with the | |
Method of Borrowing | lenders 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 December 2022, the end of | |
Interest Payment Date | March 2023, the end of June 2023, the end of September 2023 (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 | October 20, 2023 (borrowing term: 1 year) |
Collateral | Unsecured/Unguaranteed |
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- Base interest rate to be applied to the calculation period for the interest to be paid at interest payment dates will be JBA Japanese Yen TIBOR at 2 business days prior to preceding interest payment date (For the first interest calculation period, two business days prior to the borrowing date). For the first and final interest calculation period, JBA Japanese Yen TIBOR for 1 month will be applied, and for other interest calculation periods, JBA Japanese Yen TIBOR for 3 months will be applied. Please refer to the website of JBA TIBOR Administration for the JBA Japanese Yen TIBOR (http://www.jbatibor.or.jp/english/rate/).
2. Summary of the Investment Corporation Bonds to be Redeemed
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Content of the redemption
In addition to the New Loan, we plan to use a portion of the funds procured through the investment corporation bonds issued on September 20, 2022, and cash on hand as the source of funds for redemption. - Total amount of the redemption JPY6,000M
- Scheduled date of the redemption October 21, 2022
- Investment corporation bonds subject to redemption
Investment corporation bonds | Fifth Unsecured Investment Corporation Bonds (with a pari passu clause |
limited for between investment corporation bonds) | |
Date of Payment | October 23, 2015 |
Date of Redemption | October 21, 2022 |
Balance of Issued Amount | JPY6,000M |
3. Status of the Interest Bearing Debt after redemption of Investment Corporation Bonds to be Redeemed (plan) (Unit: millions of yen)
Category | Before | After | Variance | ||
Short-term loans | 30,513 | 35,113 | 4,600 | ||
Long-term loans (*2) | 92,218 | 92,218 | - | ||
Total Loans | 122,731 | 127,331 | 4,600 | ||
Total investment corporation bonds | 42,900 | 36,900 | (6,000) | ||
Total interest-bearing debt | 165,631 | 164,231 | (1,400) | ||
(*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. |
The fixed interest rate ratio to the total interest-bearing debt after the New Loan and redemption of Investment Corporation bonds to be Redeemed is forecasted to be around 77%.
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4. 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 March 24, 2022 and Semi-Annual Securities Report submitted on September 21, 2022.
* 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 13 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2022 06:41:04 UTC.
