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 12, 2023
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 and 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 as below today on new borrowing (hereinafter called the "New Loan") for the purpose of refinancing the existing loans.
1. Summary of the New Loan
(1) Content of the New Loan
JHR plans to refinance the existing loans due on October 20, 2023 (hereinafter called the "Loans Scheduled for Repayment").
(2) Details of the New Loan
Amount of | Interest | Collateral/ | ||||
Name of | Date of | Maturity | Method of | |||
Lender | New Loan | Rate | ||||
Loan | Borrowing | Date | Principal | |||
(JPY MM) | (*) | |||||
Repayment | ||||||
Unsecured/ | ||||||
Term Loan | Base | Unguaranteed | ||||
Sumitomo Mitsui Banking Corporation | 900 | interest | October | March 31, | Lump-sum | |
90 | rate + | 20, 2023 | 2027 | payment on | ||
0.50% | the maturity | |||||
date | ||||||
Unsecured/ | ||||||
Term Loan | Base | September | Unguaranteed | |||
Mizuho Bank, Ltd. | 2,900 | interest | October | Lump-sum | ||
91 | The Minato Bank, Ltd. | rate + | 20, 2023 | 28, 2029 | payment on | |
0.65% | the maturity | |||||
date |
- The first interest payment will be due on the last day of November 2023, and subsequent interest payments will be due on the last day of each month thereafter (or the immediately preceding business day if that day is not a business day) and the principal repayment date.
The 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 for one month at two business days prior to the preceding interest payment date (The first interest calculation period is two business days prior to the date of borrowing).
However, the JBA 3-month Japanese Yen TIBOR will be applied only for the first interest calculation period. Please refer to the website of JBA TIBOR Administration for the JBA Japanese Yen TIBOR (https://www.jbatibor.or.jp/english/rate/).
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2. Summary of the Loans Scheduled for Repayment
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Summary of the repayment
JHR plans to repay the loans using the New Loan. - Total amount of the repayment JPY3,800MM
- Scheduled date of the repayment October 20, 2023
- Details of the subject individual loans
Name of | Loan Balance | |||
Lenders | before Repayment | Date of Borrowing | Maturity Date | |
Loan | ||||
(JPY MM) | ||||
Sumitomo Mitsui Banking Corporation | ||||
Mizuho Bank, Ltd. | ||||
Term Loan | Sumitomo Mitsui Trust Bank, Limited | 3,800 | October 20, 2022 | October 20, 2023 |
Development Bank of Japan Inc. | ||||
78 | ||||
Resona Bank, Limited | ||||
The Shizuoka Bank, Ltd. | ||||
The Minato Bank, Ltd. |
3. Status of the Interest-bearing Debt after the New Loan (scheduled)
(Unit: JPY MM) | |||||
Category | Before | After | Variance | ||
Short-term loans | 19,368 | 15,568 | (3,800) | ||
Long-term loans (*2) | 114,963 | 118,763 | 3,800 | ||
Total Loans | 134,331 | 134,331 | - | ||
Total investment corporation bonds | 36,900 | 36,900 | - | ||
Total interest-bearing debt | 171,231 | 171,231 | - | ||
(*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 is forecasted to be around 68%.
4. Other
There are no material changes to the risks related to the New Loan from those described under "Investment Risks" in the securities report filed on March 23, 2023 and in the semi-annual securities report filed on September 22, 2023.
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Website of Japan Hotel REIT Investment Corporation:https://www.jhrth.co.jp/en/
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Japan Hotel REIT Investment Corporation published this content on 12 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2023 06:44:06 UTC.