Ichigo Office REIT Announces Decision To Borrow 5 Billion Yen For Loan Repayment
May 26, 2020 — Ichigo Office announced that it has decided to borrow funds via new loans. The new loans will be used to repay an existing loan (JPY 5,049 million)
The loan is split into two tranches. The first has a repayment date of September 25, 2023 and amounts to 3.047 billion yen with an interest rate of 3M JPY TIBOR +0.41% (p.a.).
The second has later a repayment date of March 25, 2027 and sums up to 2 billion yen. The second loan has an interest rate of 3M JPY TIBOR +0.62% (p.a.).
Both loans are not collateralised, have lump-sum repayment terms and will be lent out by SMBC, Mizuho Bank, Shinsei Bank and MUFG Bank.
The base rate for the loans will be JPY TIBOR as published by the Japanese Bankers Association (JBA) two business days before each interest payment date.
The existing loan being repaid is due on May 31, 2020 amounting to 5.049 billion yen.
The REIT said the impact of the new loans on Ichigo Office’s October 2020 fiscal period earnings has already been reflected in the forecast presented in Ichigo Office’s December 13, 2019 release “October 2019 Fiscal Period Earnings.”
Risks related to the loans have no material impact on the “Investment Risks” described in the latest Financial Report submitted on January 28, 2020, the REIT added.
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