HOSHINO RESORTS REIT, INC. April 21, 2022
For Immediate Release
REIT Securities Issuer Hoshino Resorts REIT, Inc.
Representative: Kenji Akimoto, Executive Director
(Code: 3287)
Asset Management Company
Hoshino Resort Asset Management Co., Ltd. Representative: Kenji Akimoto, President & CEO
Contact: Takahiro Kabuki, Director & CFO
TEL: +81-3-5159-6338
Notice Concerning the Borrowing of Funds (Refinancing by Green Loans and Others) and
Interest Rate Swap Transactions
Hoshino Resorts REIT, Inc. (hereinafter referred to as "HRR") announces that it resolved at the Board of Directors' Meeting held on April 21, 2022 to execute the borrowing of funds (hereinafter referred to as the "Borrowing") and interest rate swap transactions (hereinafter referred to as the "Interest Rate Swap Transactions") for the purpose of refinancing existing borrowings (hereinafter referred to as the "Refinancing"), as follows.
Of the Borrowings, the borrowings under Contract No. 0074, 0075, 0076, 0079 and 0080 are HRR's first loans (green loans) to be executed based on the Green Finance Framework formulated by HRR. With the aim of further promoting initiatives related to sustainability and strengthening the fund procurement base through the expansion of the investor base interested in ESG investment and financing, HRR will execute borrowing (refinancing) through green loans based on the Green Finance Framework.
1. Details of the Borrowings
(1) Contract No. 0073
(i) | Lender(s) | The Bank of Fukuoka, Ltd., The Bank of Kyoto, Ltd., The Hokuriku Bank, Ltd. |
(ii) | Borrowing amount | 900,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.300% (floating interest rate) (Note 3) |
(iv) | Borrowing date | April 28, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | April 30, 2025 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(i) | Lender(s) | The Bank of Fukuoka, Ltd. |
(ii) | Borrowing amount | 300,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.300% (floating interest rate) (Note 3) |
(iv) | Borrowing date | May 2, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | April 30, 2025 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(3) Contract No. 0075 *Green Loan (Note 4)
(i) | Lender(s) | The Yamaguchi Bank, Ltd. |
(ii) | Borrowing amount | 150,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.405% (floating interest rate) (Note 3) |
(iv) | Borrowing date | April 28, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | October 30, 2026 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(4) Contract No. 0076 *Green Loan (Note 4)
(i) | Lender(s) | The Ashikaga Bank, Ltd. |
(ii) | Borrowing amount | 300,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.405% (floating interest rate) (Note 3) |
(iv) | Borrowing date | May 2, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | October 30, 2026 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(5) Contract No. 0077
(i) | Lender(s) | MUFG Bank, Ltd., Development Bank of Japan Inc., Sumitomo Mitsui Banking Corporation |
(ii) | Borrowing amount | 1,250,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.579% (floating interest rate) (Note 3) |
(iv) | Borrowing date | April 28, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | April 28, 2028 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(6) Contract No. 0078
(i) | Lender(s) | MUFG Bank, Ltd. |
(ii) | Borrowing amount | 100,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.579% (floating interest rate) (Note 3) |
(iv) | Borrowing date | May 2, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | April 28, 2028 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(7) Contract No. 0079 *Green Loan (Note 4)
(i) | Lender(s) | MUFG Bank, Ltd., Development Bank of Japan Inc., Sumitomo Mitsui Banking Corporation, Resona Bank, Limited |
(ii) | Borrowing amount | 3,000,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.635% (floating interest rate) (Note 3) |
(iv) | Borrowing date | April 28, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | October 31, 2028 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(i) | Lender(s) | Mizuho Bank, Ltd. |
(ii) | Borrowing amount | 150,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 1) +0.740% (floating interest rate) (Note 3) |
(iv) | Borrowing date | April 28, 2022 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 26, 2022 |
(vi) | Final repayment date | October 31, 2029 (Note 2) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 29, 2022, with subsequent payments on the last day of October, January, April and July each year and on the final repayment date (Note 2) |
(ix) | Collateral | Unsecured and unguaranteed |
(Note 1) "Base interest rate" shall be the 3-month Japanese Yen TIBOR announced by the JBA TIBOR Administration at a prescribed time two business days prior to the immediately preceding interest payment date (or the borrowing date for the first interest payment) for each interest payment date. However, if there is no corresponding rate for the period, the base interest rate shall be calculated based on the method specified in the agreement. The JBA Japanese Yen TIBOR can be found on the JBA TIBOR Administration website (https://www.jbatibor.or.jp/english).
(Note 2) If the date is not a business day, it shall be the following business day. If the following business day falls in the following month, it shall be the immediately preceding business day.
(Note 3) The (annual) interest rate will be substantively fixed through the interest rate swap agreements. For details, please refer to "4. The Interest
Rate Swap Transactions" below.
(Note 4) Please refer to "2. Reasons for the Refinancing and Outline of Green Loans (2) Outline of Green Loans" below.
2. Reasons for the Refinancing and Outline of Green loans
(1) Reasons for the Refinancing
HRR will borrow funds to procure funds for repayment of the principal as the existing borrowings become due. For the outline of the existing borrowings, please refer to "3. Amount, Use and Timing of Expenditure of Funds to be Procured" below.
(2) Outline of Green Loans
Of the Borrowings, the borrowings under Contract No. 0074, 0075, 0076, 0079 and 0080 are the green loans to be executed based on the Green Finance Framework (hereinafter referred to as the "Framework") formulated by HRR (hereinafter referred to as the "Green Loans").
The entire amount of the Green Loans is scheduled to be appropriated to the refinancing of the borrowings associated with the initial acquisition of HOSHINOYA Karuizawa, KAI Kinugawa and Quintessa Hotel Osaka Shinsaibashi, which satisfy the criteria for green eligible properties under the Framework.
For details of the Framework, please refer to the "Sustainable Finance" page on the HRR website.
https://www.hoshinoresorts-reit.com/en/sustainability/finance.html
3. Amount, Use and Timing of Expenditure of Funds to be Procured
(1) Amount of Funds to be Procured 6,150,000,000 yen
(2) Specific Use of Funds to be Procured
The entire amount of the Borrowings will be appropriated to the refinancing of the principal of the existing borrowings. The existing borrowings to be refinanced are as follows.
I. Contract No. 0016
(i) | Lender(s) | MUFG Bank, Ltd., Development Bank of Japan Inc., Sumitomo Mitsui Banking Corporation |
(ii) | Borrowing amount | 3,000,000,000 yen |
(iii) | Interest rate | 1.22788% (fixed interest rate) |
(iv) | Borrowing date | November 2, 2015 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on October 28, 2015 |
(vi) | Final repayment date | April 28, 2022 (Note 1) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on April 28, 2016, with subsequent payments on the last day of April and October each year and on the final repayment date (Note 1) |
(ix) | Collateral | Unsecured and unguaranteed |
II. Contract No. 0036
(i) | Lender(s) | MUFG Bank, Ltd., Development Bank of Japan Inc., Sumitomo Mitsui Banking Corporation, Resona Bank, Limited., The Bank of Fukuoka, Ltd., The Hokuriku Bank, Ltd., The Yamaguchi Bank, Ltd., The Bank of Kyoto, Ltd., Mizuho Bank, Ltd. |
(ii) | Borrowing amount | 2,000,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 2) +0.325% (floating interest rate) |
(iv) | Borrowing date | November 1, 2017 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on October 30, 2017 |
(vi) | Final repayment date | April 28, 2022 (Note 1) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on November 30, 2017, with subsequent payments on the last day of each month and on the final repayment date (Note 1) |
(ix) | Collateral | Unsecured and unguaranteed |
III. Contract No. 0065
(i) | Lender(s) | The Bank of Fukuoka, Ltd. |
(ii) | Borrowing amount | 450,000,000 yen |
(iii) | Interest rate | Base interest rate (Note 2) +0.300% (floating interest rate) |
(iv) | Borrowing date | April 30, 2021 |
(v) | Borrowing method | Conclusion of individual lending agreements with the above lender(s) on April 27, 2021 |
(vi) | Final repayment date | April 28, 2022 (Note 1) |
(vii) | Repayment method | Lump-sum repayment |
(viii) | Interest payment dates | First payment on July 30, 2021, with subsequent payments on the last day of October and January each year and on the final repayment date (Note 1) |
(ix) | Collateral | Unsecured and unguaranteed |
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Hoshino Resorts REIT Inc. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 06:29:09 UTC.
