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Star Asia signs interest rate swap deals for ¥8.84B of loans

Star Asia Investment Corp. entered into separate interest rate swap agreements with Nomura Securities Co. Ltd. and Sumitomo Mitsui Trust Bank Ltd. for two loans with respective amounts of ¥4.00 billion and ¥4.84 billion.

The deals for the loans obtained from a syndicate of lenders arranged by Sumitomo Mitsui Banking Corp. and Mizuho Bank Ltd. will both commence Sept. 6, according to a filing.

The ¥4.00 billion loan with Nomura Securities, which has a maturity of March 22, 2022, will be subject to an interest rate of Japanese Bankers Association one-month yen Tokyo Interbank Offered Rate, or TIBOR, plus 0.1595%. Prior to the agreement, the debt carried a base interest rate of 0.45% on top of the one-month yen TIBOR.

Meanwhile, the ¥4.84 billion loan will carry an interest rate of Japanese Bankers Association one-month yen TIBOR plus 0.212% once the Sumitomo Mitsui Trust agreement takes effect. The interest rate swap for the debt with a base interest rate of 0.60% on top of the one-month yen TIBOR prior to the deal will end Sept. 20, 2023, the real estate investment trust added.

As of Sept. 4, US$1 was equivalent to ¥111.45.