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Japan Retail Fund to refinance ¥11B of loans

Japan Retail Fund Investment Corp. will refinance ¥11.00 billion of existing loans maturing March 30, including two loans of ¥5.00 billion and ¥3.50 billion from Sumitomo Mitsui Banking Corp., and ¥2.50 billion from Development Bank of Japan Inc.

The shopping center-focused real estate investment trust will take out two loans of ¥5.50 billion and ¥3.0 billion from Sumitomo Mitsui Banking and a ¥2.50 billion loan from Development Bank of Japan on March 30 for the refinancing.

The ¥5.50 billion and ¥3.0 billion loans will carry a fixed interest rate, which is yet to be determined, and will mature Sept. 30, 2025 and March 31, 2025, respectively. The ¥2.50 billion loan will carry an interest rate of 0.15% in addition to the 1-month Tokyo Interbank Offered Rate, with repayment scheduled for March 31, 2020.

As of March 22, US$1 was equivalent to ¥105.72.