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MCUBS MidCity secures ¥15.3B of loans to repay debt

MCUBS MidCity Investment Corp. obtained seven loans amounting to ¥15.30 billion to pay for debt of the same amount due July 31.

Specifically, the Japanese diversified real estate investment trust loaned ¥3.40 billion from Mizuho Bank Ltd., with a base floating interest rate of Japanese Bankers Association three-month yen Tokyo Interbank Offered Rate plus 0.50%; ¥1.50 billion from Aozora Bank Ltd. and Mizuho Trust & Banking Co. Ltd., with a fixed interest rate that is yet to be determined; ¥2.90 billion from Sumitomo Mitsui Trust Bank Ltd., with a base floating interest rate of JBA three-month yen TIBOR plus 0.45%; ¥2.00 billion from MUFG Bank Ltd., with a fixed interest rate that is yet to be determined; ¥800 million from Resona Bank Ltd., with a fixed interest rate that is yet to be determined; ¥1.80 billion from The Senshu Ikeda Bank Ltd., The Nishi-Nippon City Bank Ltd. and The Hyakugo Bank Ltd., with a fixed interest rate that is yet to be determined; and ¥2.90 billion from Sumitomo Mitsui Banking Corp., with a floating base interest rate of JBA three-month yen TIBOR plus 0.275%.

The loans, all unsecured and unguaranteed, are signed July 26 and will be taken out July 31. The weighted average term of the loans is 7.9 years.

The loans that are coming due and to be paid comprise of two loan agreements secured in 2013 and 2015.

As of July 26, US$1 was equivalent to ¥111.08.