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Invesco Office to borrow ¥13B

Invesco Office J-REIT Inc. will obtain two long-term borrowings amounting to ¥13.0 billion from a syndicate of lenders arranged by Sumitomo Mitsui Banking Corp.

An amount of ¥5.5 billion will be borrowed June 6 from a syndicate of lenders which consists of Sumitomo Mitsui Banking Corp., The Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank Ltd. and Resona Bank Ltd. The loan will carry an interest rate equivalent to a base rate plus 0.25% and will be due for repayment on Nov. 30, 2018.

A second borrowing of ¥7.5 billion, also starting June 6, will be lent by the same lenders with the addition of Development Bank of Japan Inc. The loan expires Nov. 30, 2021, and will have an interest rate equal to a base rate plus 0.45%.

The company plans to use the borrowed funds to repay existing long-term loans of the same amount due June 6.

As of May 30, US$1 was equivalent to ¥110.97.