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Invesco Office secures ¥12B of long-term loans

Invesco Office J-REIT Inc. will obtain long-term loans totaling ¥12.0 billion to repay existing long-term loans of the same value, maturing June 6.

The Japanese office landlord will borrow ¥5.70 billion and an additional ¥5.30 billion at floating interest rates from a syndicate of lenders comprising Sumitomo Mitsui Banking Corp., MUFG Bank Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank Ltd., Resona Bank Ltd. and Development Bank of Japan Inc. Sumitomo Mitsui Banking will serve as the arranger, according to a release.

The ¥5.70 billion loan will carry a base interest rate equal to the Japanese Bankers Association's three-month Tokyo Interbank Offered Rate, plus 0.35%, while the ¥5.30 billion loan will be provided at the same base rate, plus 0.45%.

Additionally, Nippon Life Insurance Co. will provide loans of ¥300.0 million and ¥700.0 million at fixed rates of 0.50% and 0.60%, respectively.

The loans worth ¥5.70 billion and ¥300.0 million will mature April 28, 2022, while those worth ¥5.30 billion and ¥700.0 million are due April 28, 2023.

Separately, the real estate investment trust resolved to prepay ¥2.50 billion of short-term loans totaling ¥7.00 billion June 29. Following the prepayment, the company will owe Sumitomo Mitsui Banking, MUFG Bank and Sumitomo Mitsui Trust the remaining ¥4.50 billion that is payable April 30, 2019.

To fund the prepayment, Invesco will use the roughly ¥676.3 million in proceeds from the issuance of new investment units via a third-party allotment, as well as roughly ¥1.82 billion in proceeds from the sale of its Sendai Honcho Building.

As of May 31, US$1 was equivalent to ¥108.76.