Frontier Real Estate Investment Corp. will borrow ¥5.50 billion of unsecured, unguaranteed loans to repay short-term borrowings of the same amount Feb. 19.
Mizuho Bank Ltd. will extend ¥3.50 billion at a fixed interest rate of 0.03857% until Feb. 28. Additionally, Mizuho and The 77 Bank Ltd. will each provide another ¥1.00 billion until the loans' maturity April 19. Interest will be charged on the two loans at a fixed rate of 0.07818%.
The real estate investment trust, specializing in retail facilities, will repay an equal amount of loans to Mizuho and The 77 Bank that it borrowed Jan. 19 and Feb. 1.
As of Feb. 14, US$1 was equivalent to ¥106.98.