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GLP J-REIT borrowing ¥24B of funds for loan repayments

GLP J-REIT agreed to borrow a total of ¥24.30 billion worth of funds to refinance a loan of the same amount maturing Jan. 4, 2018.

Mizuho Bank Ltd., Mitsubishi UFJ Trust and Banking Corp., Citibank N.A. Tokyo Branch, The Bank of Fukuoka Ltd., The Norinchukin Bank, Sumitomo Mitsui Banking Corp., The Bank of Tokyo-Mitsubishi UFJ Ltd. and Resona Bank Ltd. are providing the funds, which carry a base rate plus an interest rate ranging from 0.12% to 0.325% and are scheduled to be repaid between Dec. 21, 2020, and Oct. 30, 2026.

Additionally, the company signed an interest rate swap agreement with Nomura Securities Co. Ltd. for three loans of ¥9.20 billion, ¥1.30 billion and ¥6.60 billion to hedge against potential interest rate rises. The rates for the funds were fixed at 0.2829%, 0.4782% and 0.5976%, respectively.

As of Dec. 25, US$1 was equivalent to ¥113.22.