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Japan Excellent to repay loans worth ¥24B

Japan Excellent Inc. will repay three loans worth a combined ¥24.0 billion using proceeds from the transfer of Akasaka Garden City and No. 44 Kowa Building in Tokyo.

On Dec. 20, the company will repay the ¥2.0 billion borrowed from Mizuho Bank Ltd. The one-year loan, which was drawn down Nov. 30, was extended at a base interest rate equal to the Japanese Bankers Association's one-month Tokyo Interbank Offered Rate plus 0.20%.

Additionally, Mizuho Bank, Mitsubishi UFJ Trust and Banking Corp. and Sumitomo Mitsui Banking Corp. will be repaid two loans worth ¥13.0 billion and ¥9.0 billion that were drawn down June 29, 2016, and Jan. 31, respectively. The ¥13.0 billion loan, originally due Dec. 30, 2019, bears an interest rate of JBA's one-month TIBOR plus 0.25%, while the ¥9.0 billion loan, originally due July 31, 2018, carries the same base rate plus 0.18%. Both will be repaid Dec. 29, according to a release.

As of Dec. 13, US$1 was equivalent to ¥113.03.