JAPAN REAL ESTATE INVESTMENT CORPORATION NEWS RELEASE
March 28, 2022
For Immediate Release
InvestmentCorporation
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 Debt Financing
Japan Real Estate Investment Corporation hereby announces its decision today to procure funds as follows:
1. Reason for the borrowing
To allocate the loans to the acquisition fund of trust beneficiary interest in domestic real estate (Toyosu Front), which is stated in the press release titled "Announcement of Acquisition of Trust Beneficiary Interest in Domestic Real Estate" announced today, and cash on hand.
2. Overview of the borrowing
(1) Borrowing date March 29, 2022
(2) Lender, Amount of loan, Principal repayment date
Lender | Amount of loan | Principal repayment date |
MUFG Bank, Ltd. | JPY 15,000 million | March 29, 2023 |
Mizuho Bank, Ltd. | JPY 10,000 million |
(3) | Interest rate: | Base rate (1‐month JPY TIBOR published by Japanese Bankers |
Association (hereinafter "JBA")) + 0.040% (Note1) | ||
(4) | Method of borrowing: | Loan based on overdraft agreement |
Unsecured/unguaranteed loan | ||
(5) | Interest payment date: | The principal repayment date and the last day of every month in |
the period until the principal repayment date (Note2) | ||
(6) | Method of principal repayment: | Lump‐sum repayment on the principal repayment date |
(Note1)・ The base rate to calculate the interest to be paid on interest payment dates is JBA 1‐month JPY TIBOR as of the second preceding business day of the borrowing date for the first interest payment date and as of the second preceding business day of the most recent interest payment date for thesubsequent interest payment dates. (JBA 1‐month JPY TIBOR as of March 25, 2022 is 0.08545%.) ･ For the JBA Japanese Yen TIBOR, please refer to JBA TIBOR administration's website
(https://www.jbatibor.or.jp/english/rate/).
(Note2) When an interest payment date is not a business day, the interest shall be paid on the following business day or the immediately preceding business day if the following business day is in the following month.
3. Balance of interest‐bearing debt after the debt financing
(Units: millions of JPY)
Before | After | Increase/Decrease | |
Short‐term loans payable | 16,200 | 41,200 | +25,000 |
Long‐term loans payable (Variable interest rate) | 21,000 | 21,000 | ±0 |
Long‐term loans payable (Fixed interest rate) | 344,700 | 344,700 | ±0 |
Total loans | 381,900 | 406,900 | +25,000 |
Investment corporation bonds | 42,993 | 42,993 | ±0 |
Total investment corporation bonds | 42,993 | 42,993 | ±0 |
Total interest‐bearing debt | 424,893 | 449,893 | +25,000 |
4. Others
Regarding risks pertaining to these loan repayments, there is no material change to the descriptions of "Investment risks" in the latest securities report submitted on December 24, 2021.
This is the English translation of the announcement in Japanese dated March 28, 2022.
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 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 07:30:07 UTC.
