MORI TRUST Hotel Reit Inc. secured a mix of short-term and long-term loans amounting to ¥22.00 billion to repay existing debt of the same amount due Nov. 30.
Sumitomo Mitsui Trust Bank Ltd. and Mitsubishi UFJ Trust and Banking Corp. will lend ¥4.50 billion each, Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp. will provide ¥3.50 billion each and Shinkin Central Bank will supply ¥1.00 billion to the company. The short-term loans, totaling ¥17.00 billion, will be repaid Nov. 30, 2018.
Mizuho Bank and Sumitomo Mitsui Banking also agreed to lend another ¥1.00 billion each in long-term loans to MORI TRUST Hotel, which will be repaid Nov. 30, 2020, while Mitsubishi UFJ and Sumitomo Mitsui Trust will each provide ¥500 million, to be repaid Nov. 30, 2022.
In total, the long-term loans amounted to ¥5.00 billion, with Resona Bank Ltd. and Nippon Life Insurance Co. also agreeing to provide ¥1.00 billion each. Resona's loan will be due Nov. 30, 2020, while Nippon Life's loan is scheduled to be repaid May 31, 2023.
Sumitomo Mitsui Trust, Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking are the lenders of the ¥22.00 billion that the company is seeking to repay. The loans from the four banks were drawn Nov. 30, 2016.
As of Nov. 27, US$ 1 was equivalent to ¥111.09.
