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Nippon Accommodations to receive ¥5B in loans

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Nippon Accommodations to receive ¥5B in loans

Nippon Accommodations Fund Inc. secured two loans worth ¥5.00 billion in total to repay a long-term loan of the same amount which was extended to Oct. 18, 2010.

Mizuho Bank Ltd. will provide ¥1.0 billion in a loan at a 0.04986% interest rate, which will mature Oct. 31.

Meanwhile, the ¥4.0 billion loan from Development Bank of Japan Inc. will carry an interest rate of 0.54779% and will mature April 18, 2029.

The unsecured and unguaranteed loans will be drawn down Oct. 18.

As of Oct. 13, US$1 was equivalent to ¥111.94.