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 Prepayment of Loan
TOKYO, June 3, 2022- ORIX JREIT Inc. ("OJR") announces that its asset management company, ORIX Asset Management Corporation, determined prepayment of loan as below.
1. | Details of prepayment | |||||||
(1) | Details of prepayment loan | |||||||
Loan amount | Prepayment | Applicable | Drawdown | Maturity | Prepayment | |||
Lender | amount | |||||||
(million yen) | interest rate | date | date | date | ||||
(million yen) | ||||||||
MUFG | 1,000 | 1,000 | 0.61630% | Oct. 19, | Sep. 20, | Jun. 20, | ||
Bank, Ltd. | 2015 | 2022 | 2022 | |||||
(2) | Prepayment fund source | |||||||
Partial proceeds from disposition of the property "Beside Kiba"(Note) executed on June 1, 2022. |
Note: For the details of disposition, please refer to the press release "ORIX JREIT Announces Disposition of Properties 'Beside Kiba' and 'Cross Residence Kanazawa Kohrinbo'" dated March 31, 2022.
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One-timecost for prepayment
A nominal up-front fee will be expensed by OJR upon prepayment, however the impact on OJR's DPU is negligible.
Note: The up-front fee refers to the fee paid to the lender when the debt financing was implemented. OJR is taking an accounting process whereby depreciation is distributed evenly during the borrowing period and it will expense the remaining depreciation as a lump-sum when the prepayment is made.
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2. Change in interest-bearing liabilities and LTV post-issuance
Unit: million yen
Pre-issuance | Post-issuance | Change |
(As of June 3, 2022) | (As of June 20, 2022) | |
_ Short-term loans | ― | ― | ― | |
Long-term loans | 267,137 | 266,137 | -1,000 | |
Total of loans | 267,137 | 266,137 | -1,000 | |
Investment corporation bonds | 30,500 | 30,500 | ― | |
Sum of loans and investment | 297,637 | 296,637 | -1,000 | |
corporation bonds | ||||
LTV based on total | 43.6% | 43.5% | -0.1% | |
assets (Note) | ||||
Notes: "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 March 1, 2022 to the total assets as of the end of the 40th fiscal period ended February 28, 2022. LTV figure is rounded to the one decimal place. Accordingly, change in the LTV figures may not tally due to rounding error.
3. Additional information for investors
With respect to the risks associated with the issuance of the investment corporation bonds, the content of "Investment Risks" stated in our Security Report (Yukashoken Hokokusho) for the 40th fiscal period ended February 28, 2022, 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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Disclaimer
ORIX JREIT Inc. published this content on 03 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 06:21:12 UTC.