JAPAN HOTEL REIT INVESTMENT CORPORATION June 25, 2014
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985）
Yukio Isa, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, Representative Director and President
Contact:Kazuyuki Udo Director and Officer
Management & Planning Office
TEL：+81-3-6422-0530
Notice Concerning New Loan
Japan Hotel REIT Investment Corporation (hereinafter called "JHR") informs you that the board of directors meeting today has resolved below for new borrowing ( hereinafter called "New loan").
1. Rationale for the borrowing
New loan will be applied to acquire beneficial interest in trust of "Best Western Hotel Sapporo Nakajima
Koen"(*) and pay off its related expenses.
(*) Please see our press release "Notice Concerning Acquisition of New Asset (Best Western Hotel Sappo ro
Nakajima Koen)" dated today for detail of the beneficial interest in trust .
(1) Term loan 3
Lender | Sumitomo Mitsui Banking Corporation |
Loan amount | JPY4.8B (plan) |
Interest rate | Base interest rate (Japanese Yen TIBOR for one month in JBA) + 0.40% (*) |
Borrowing date | July 9, 2014 (plan) |
Borrowing method | The loan agreement to be concluded with lender on July 7, 2014 (plan) based on the Basic Agreement concluded in November 13, 2013 (including subsequent changes) |
Interest payment date | Interest shall be paid on July 31, 2014, and then subsequently paid on the end of each month and due date of principal repayment. (If the end of month is not a business day, it shall be paid on the preceding business day.) |
Principal repayment method | Lump-sum payment on repayment due date |
Due date of principal repayment | July 9, 2015 |
Collateral | Requested |
(2) Term loan 4
Lender | Sumitomo Mitsui Trust Bank, Limited |
Loan amount | JPY2B (plan) |
Interest rate | Base interest rate (Japanese Yen TIBOR for one month in JBA) + 0.40% (*) |
Borrowing date | July 9, 2014 (plan) |
Borrowing method | The loan agreement to be concluded with lender on July 7, 2014 (plan) based on the Basic Agreement concluded in November 13, 2013 (including subsequent changes) |
Interest payment date | Interest shall be paid on July 31, 2014, and then subsequently paid on the end of each month and due date of principal repayment. (If the end of month is not a business day, it shall be paid on the preceding business day.) |
Principal repayment method | Lump-sum payment on the repayment due date |
Due date of principal repayment | July 9, 2015 |
Collateral | Requested |
(*) With respect to the base interest rate (Japanese Yen TIBOR for one month in JBA), please refer to the website of JBA TIBOR Administration http://www.jbatibor.or.jp/rate/
The base interest rate for the first and last compounding intervals is to be the rate practically determined by the
above lenders as the offered rate for the debt-credit transaction in Japanese Yen in Tokyo Interbank market for the period nearest to the compounding internal of the loan above at 11:00am or immediately preceding
11:00am on the day where the interest rate is determined.
3. Interest-bearing debts before and after the new loan (Plan)(Unit: JPY M)
Category | Before the New loan | After the New loan | Fluctuation | |
Short term loan | 0 | 6,800 | +6,800 | |
Long term loan due within one year | 10,762 | 10,762 | 0 | |
Long term loan | 58,588 | 58,588 | 0 | |
Total loans | 69,350 | 76,150 | +6,800 | |
Investment corporation bonds | 4,500 | 4,500 | 0 | |
Interest bearing debts | 73,850 | 80,650 | +6,800 |
(*) The numbers less than JPY1M is rounded down.
4. Other
With respect to the above loans, no important change is required for the "Risk in relation to borrowing by loans and investment corporation bonds" in "Investment Risk" on the Securities Report for the 14th period submitted in March
20, 2014.
* Website of Japan Hotel REIT Investment Corporation: http://www.jhrth.co.jp/
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