NEWS RELEASE
August 12, 2020
For Immediate Release
Investment Corporation
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
Repayment of the existing short‐term loan of JPY 11 billion executed on May 18, 2020.
2. Outline of the borrowing
(1) | Borrowing date | August 18, 2020 | ||||
(2) | Lender, Amount of loan, Principal repayment date | |||||
Lender | Amount of loan | Principal repayment date | ||||
MUFG Bank, Ltd. (Note1) | JPY 11,000 million | November 18, 2020 | ||||
(3) | Bankers | |||||
Interest rate: | Base rate ( 3‐month JPY | TIBOR published by Japanese | ||||
Association (hereinafter "JBA")) + 0.040% (Note2) | ||||||
(4) | Method of borrowing: | Loan based on overdraft agreement | ||||
Unsecured/unguaranteed loan | ||||||
(5) | Interest payment date: | The principal repayment date | ||||
(6) | Method of principal repayment: | Lump‐sum repayment on the principal repayment date |
(Note1)・ The lender, MUFG Bank, Ltd., will assign all or part of the loan receivable to be owed by JRE to Mitsubishi UFJ Trust and Banking Corporation ("MUTB"), and then MUTB will form a money trust called "jointly‐operated designated money trust". In the money trust operations, MUTB manages their investors' money in trust, whose investment destination is designated as the said loan receivable. For more information, please refer to "Announcement of Debt Financing" dated November 8, 2019.
(Note2)・ The base rate to calculate the interest to be paid on the interest payment date is JBA 3‐month JPY TIBOR as of the second preceding business day of the borrowing date. (JBA 3‐month JPY TIBOR as of August 12, 2020 is 0.06909%.)
1
- For the JBA Japanese Yen TIBOR, please refer to JBA TIBOR administration's website (http://www.jbatibor.or.jp/english/rate/).
3. Balance of interest‐bearing debt after the debt financing
(Units: millions of JPY) | ||||||||||
Before | After | Increase/Decrease | ||||||||
Short‐term loans payable | 36,000 | 36,000 | ±0 | |||||||
Long‐term loans payable | 23,000 | 23,000 | ±0 | |||||||
(Variable interest rate) | ||||||||||
Long‐term loans payable | 327,000 | 327,000 | ±0 | |||||||
(Fixed interest rate) | ||||||||||
Total loans | 386,000 | 386,000 | ±0 | |||||||
Investment corporation bonds | 32,993 | 32,993 | ±0 | |||||||
Total | 32,993 | 32,993 | ±0 | |||||||
investment corporation bonds | ||||||||||
Total interest‐bearing debt | 418,993 | 418,993 | ±0 | |||||||
4. Others
Regarding risks pertaining to this loan repayment, there is no material change to the "Investment risks" description in the latest securities report submitted on June 25, 2020.
This is the English translation of the announcement in Japanese dated August 12, 2020.
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 12 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 06:32:15 UTC