hasproposed ¥100 billion in unsecured subordinated hybrid loans.

Accordingto a March 31 note from Standard & Poor's Ratings Services, the Japanese developer'sproposal comes in two tranches, with the loans due May 10, 2076.  

Thefirst ¥50 billion tranche has a floating rate, while the other ¥50 billiontranche will have a fixed rate for the first seven years. Both tranches comewith optional interest deferral and call option clauses.

S&Pgave the proposed subordinated hybrid loans an A- long-term corporate issuerating.

S&P Ratings and S&PGlobal Market Intelligence are owned by McGraw Hill Financial Inc.

As of March 30, US$1 wasequivalent to ¥112.45.