For Immediate Release
REIT Issuer:
ORIX JREIT Inc. (TSE: 8954)
Hiroshi Miura
Executive Director
Asset Management Company:
ORIX Asset Management Corporation
Yoshitaka Kamemoto
President and CEO
Inquiries:
Shinji Yamana
Executive Officer and CFO
TEL:+81 3 5776 3323
ORIX JREIT Announces New Debt Financing
TOKYO, March 16, 2022 - ORIX JREIT Inc. ("OJR") announces that its asset management company, ORIX Asset Management Corporation, determined new debt financing as described below.
1. Total amount of debt financing, use of proceeds and the scheduled timing of disbursement
- Total amount of debt financing
JPY 9,560 million
(2) Use of proceeds and the scheduled timing of disbursement
Total amount of debt | The scheduled | |
Use of proceeds | financing | timing of |
(JPY million) | disbursement | |
To allocate to repay the long-term loan of JPY7,000 million | 7,000 | March 22, 2022 |
due on March 22, 2022 | ||
To allocate to repay the long-term loan of JPY2,560 million | 2,560 | March 31, 2022 |
due on March 31, 2022 | ||
2. New debt financing summary
- Long-termloan
a. | Lender | The Norinchukin Bank | |
b. | Loan amount | JPY 4,500,000,000 | |
c. | Applicable interest rate | (Note 2,3) | Base rate based on JBA 3-month JPY TIBOR + 0.19% |
d. | Drawdown date | March 22, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated March 17, 2022 | |
f. | Maturity date | September 24, 2026 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY4,500 million | |
due on March 22, 2022 | |||
Notes |
1. The first interest is scheduled to be paid on June 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
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- Base rate applicable to the calculation period for the interest payable on the interest payment date based on JBA 3- month JPY TIBOR is determined prior to 2 business days from the latest interest payment date.
- For Base rate based on JBA 3-month JPY TIBOR, please see the website of the JBA TIBOR administration. http://www.jbatibor.or.jp/english/
- Long-termloan
a. | Lender | Sumitomo Mitsui Banking Corporation | |
b. | Loan amount | JPY 2,500,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | March 22, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated March 17, 2022 | |
f. | Maturity date | June 21, 2027 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY2,500 million | |
due on March 22, 2022 | |||
Notes |
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on June 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
- Long-termloan
a. | Lender | Sumitomo Mitsui Banking Corporation | |
b. | Loan amount | JPY 2,560,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | March 31, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated March 29, 2022 | |
f. | Maturity date | June 21, 2027 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY2,560 million | |
due on March 31, 2022 | |||
Notes |
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on June 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
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3. Change in interest-bearing liabilities and LTV post-drawdown
Unit: million yen | |||||
Pre-drawdown | Post-drawdown | Change | |||
As of March 16, 2022 | As of March 31, 2022 | ||||
Short-term loans | ― | ― | ― | ||
Long-term loans | 267,137 | 267,137 | ― | ||
Total of loans | 267,137 | 267,137 | ― | ||
Investment corporation bonds | 30,500 | 30,500 | ― | ||
Total interest-bearing liabilities | 297,637 | 297,637 | ― | ||
LTV based on total assets | (Note) | 43.5% | 43.5% | ― | |
Note: "LTV based on total assets" (%) = Interest-bearing | liabilities ÷ Expected total assets × 100 | ||||
"Expected total assets" is calculated by adding or | subtracting the increase or decrease amount of interest-bearing |
liabilities and unitholders' capital since September 1, 2021 to the total assets as of the end of the 39th fiscal period ended August 31, 2021. LTV figure is rounded to the one decimal place. Accordingly, change in the LTV figures may not tally due to rounding error.
4. Additional information for investors
With respect to the risks associated with new debt financing, the content of "Investment Risks" stated in our Security Report (Yukashoken Hokokusho) for the 39th fiscal period ended August 31, 2021, has not changed.
Note: This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail.
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ORIX JREIT Inc. published this content on 16 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 06:17:06 UTC.