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Japan Rental Housing to refinance ¥14.2B loans

Japan Rental Housing Investments Inc. signed new syndicated loan agreements totaling ¥14.20 billion to refinance existing borrowings of the same amount that are due Dec. 25.

From MUFG Bank Ltd. and Sumitomo Mitsui Banking Corp., the residential real estate investment trust secured a ¥2.00 billion loan maturing Dec. 30, 2022. The loan will carry interest at the one-month Japanese Yen Tokyo interbank offered rate plus 0.3375%.

MUFG Bank, Sumitomo Mitsui Banking, Shinsei Bank Ltd., Resona Bank Ltd., Aozora Bank Ltd., The Bank of Fukuoka Ltd., Mizuho Bank Ltd. and The Ashikaga Bank Ltd. will provide ¥5.54 billion at the one-month Japanese Yen Tibor plus 0.3700%. The loan will mature March 29, 2024.

The REIT will also borrow ¥6.16 billion from MUFG Bank, Shinsei Bank, Resona Bank, Aozora Bank, The Bank of Fukuoka and Mizuho Bank. The loan, maturing Dec. 30, 2026, will bear interest at the one-month Japanese Yen Tibor plus 0.4825%.

Lastly, Nippon Life Insurance Co. will provide a ¥500 million loan due Dec. 30, 2026, at a 0.8000% fixed rate.

All four loans are unsecured and unguaranteed.

As of Dec. 18, US$1 was equivalent to ¥112.48.