This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.
October 27, 2023
REIT Issuer: Daiwa Office Investment Corporation (Stock Code No.: 8976)
Representative: Keiichi Sakai, Executive Director
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd.
Representative: Yoshiki Nishigaki , President and Representative Director
Inquiries to: Kentaro Azumi, General Manager, Corporate Division (Tel: +81-3-6215-9649)
Notice Concerning Conclusion of Swap Agreement
We hereby give notice that Daiwa Office Investment Corporation (the "Investment Corporation") has concluded the interest-rate swap agreements (the "Swap Agreement") regarding portions of the existing debt loans with floating-rate (the "Floating-rate Borrowing") (the total notional principal: JPY 6,000 million), as follows.
1. Summary of the Swap Agreement for the Floating-rate Borrowing
Notional | Interest-Rate | Scheduled | Scheduled | |||
Lender | Principal | Counterparty | Fixed-rate | Floating- | Commence | Termination |
(JPY million) | rate | ment Date | Date | |||
Payment | ||||||
Receipt | ||||||
Tokio Marine & Nichido | ||||||
Fire Insurance Co., | 1,000 | 0.7061% | 2028/5/31 | |||
Ltd. | ||||||
Resona Bank, Limited. | 1,000 | 0.7336% | 2028/8/31 | |||
Sumitomo | ||||||
Sumitomo Mitsui | 1,000 | 0.7639% | 3 month | 2028/11/30 | ||
Mitsui | ||||||
Trust Bank, Limited. | JPY | |||||
Trust Bank, | TIBOR | 2023/10/31 | ||||
Sumitomo Mitsui | ||||||
1,000 | Limited. | 0.7914% | 2029/2/28 | |||
(Note 1) | ||||||
Banking Corporation | ||||||
MUFG Bank, Ltd. | 1,000 | 0.8189% | 2029/5/31 | |||
The Gunma Bank, Ltd. | 1,000 | 0.8464% | 2029/8/31 |
(Note 1) Interest payments are due at the end of February, May, August, and November and on the scheduled termination date (If any such date is not a business day, the immediately following business day; and if such date falls within the next month, the preceding last business day). The floating-rate receipt shall be calculated based on JPY TIBOR for 3 month, which the JBA TIBOR Administration (the"JBATA") releases two business days before each interest payment date. The JPY TIBOR of the JBATA is available on the JBATA website (https://www.jbatibor.or.jp/english/rate/).
(Note 2) Interest rates for applicable period shall be announced at https://www.daiwa-office.co.jp/en/finance/borrowings.html
- Purpose of the Swap Agreement for the Floating-rate Borrowing
The Investment Corporation concluded the Swap Agreement to offset the risks of possible increase of the future interest rate by converting from floating-rate to fixed-rate for the above Floating-rate Borrowings. - Fixed Interest-Rate after Concluding the Swap Agreement
Lender | Amount | Current Floating | Fixed Interest | Borrowing | Repayment |
(JPY million) | Interest-rate | - Rate | Date | Date | |
Tokio Marine & Nichido | 3 month | ||||
Fire Insurance Co., | 1,000 | JPY | 0.9061% | 2023/7/31 | 2028/5/31 |
Ltd. | TIBOR + 0.200% | ||||
3 month | |||||
Resona Bank, Limited. | 1,000 | JPY | 0.9336% | 2023/8/31 | 2028/8/31 |
TIBOR + 0.200% | |||||
Sumitomo Mitsui | 3 month | ||||
1,000 | JPY | 1.0139% | 2022/11/30 | 2028/11/30 | |
Trust Bank, Limited. | |||||
TIBOR + 0.250% | |||||
Sumitomo Mitsui | 3 month | ||||
1,000 | JPY | 1.0914% | 2022/2/28 | 2029/2/28 | |
Banking Corporation | |||||
TIBOR + 0.300% | |||||
3 month | 2029/5/31 | ||||
MUFG Bank, Ltd. | 1,000 | JPY | 1.1189% | 2022/5/31 | |
TIBOR + 0.300% | |||||
3 month | 2029/8/31 | ||||
The Gunma Bank, Ltd. | 1,000 | JPY | 1.1714% | 2022/2/28 | |
TIBOR + 0.325% |
-End-
[Reference]
Ratio of Fixed-Rate and Floating-RateInterest-Bearing Liabilities (Assumed as of October 31, 2023)
Before | After | |
Fixed-rateinterest-bearing | 64.94% | 67.83% |
liabilities | ||
Floating-rateinterest-bearing | 35.06% | 32.17% |
liabilities | ||
* Website URL of the Investment Corporation: | http://www.daiwa-office.co.jp/en/ |
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Daiwa Office Investment Corporation published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 08:11:19 UTC.