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GLP J-REIT to issue new units as part of ¥29.54B offering


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GLP J-REIT to issue new units as part of ¥29.54B offering

GLPJ-REIT plans to issue 11,787 units through a private placement toan unnamed underwriter in Japan, as part of a ¥29.54 billion of new investment units.

The third-party allotment will have a total payable amountof more than ¥1.36 billion, or ¥115,398 per unit. The subscription and paymentdates are scheduled for Sept. 26 and Sept. 27, respectively.

The company plans to use the proceeds from the third-partyallotment to repay borrowings or to fund future property acquisitions.

In relation to the issuance, the REIT said that it decidedto make a partial repayment on an outstanding loan maturing Feb. 28, 2017, byusing a portion of the placement's proceeds. The loan is from a syndicate oflenders arranged by Sumitomo Mitsui Banking Corp. and The Bank ofTokyo-Mitsubishi UFJ Ltd.

GLP J-REIT will repay ¥1.23 billion on Oct. 7, reducing theloan's balance to ¥3.37 billion from ¥4.60 billion.

As of Sept. 23, US$1was equivalent to ¥100.94.