Frontier Real Estate Investment Corp. signed deals with two banks to secure short- and long-term loans with a total amount of ¥5.50 billion, which will be used to repay borrowings with the same aggregate amount.
Mizuho Bank Ltd. will provide a short-term loan worth ¥3.00 billion maturing June 19, and a ¥1.50 billion long-term loan that is due Nov. 24, 2026. The two loans will bear respective fixed interest rates of 0.08364% and 0.36856%.
Sumitomo Life Insurance Co., meanwhile, will lend ¥1.00 billion, carrying a 0.44130% fixed interest rate and mature May 22, 2028.
The loans will be drawn down May 21, also the maturity date of the loans to be repaid that were obtained from Mizuho Bank.
As of May 17, US$1 was equivalent to ¥110.82.