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Nippon REIT Investment to borrow ¥20.9B to repay loans

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Nippon REIT Investment to borrow ¥20.9B to repay loans

Diversified real estate investment trust Nippon REIT Investment Corp. secured ¥20.90 billion in loans to partly fund the repayment of a total of ¥22.90 billion of loans due April 24 and Aug. 20.

The Bank of Tokyo-Mitsubishi UFJ Ltd. arranged loans of ¥3.20 billion, ¥2.00 billion, ¥600.0 million, and ¥1.20 billion with interest rates of 0.36%, 0.42%, 0.52% and 0.65%, respectively, above the base of one-month Tokyo Interbank Offered Rate two business days before the payment date.

The loans will be drawn April 24, and they will be due April 22, 2024; April 21, 2025; April 20, 2026; and April 20, 2028, respectively, in addition to a ¥500.0 million fixed-rate loan from Meiji Yasuda Life Insurance Co., payable April 20, 2026.

To pay the loan maturing Aug. 20, the company will, on the same date, draw loans of ¥4.35 billion, ¥4.20 billion and ¥4.85 billion from different syndicates arranged by The Bank of Tokyo-Mitsubishi UFJ Ltd., at interest rates of 0.36%, 0.42% and 0.52%, respectively, plus the one-month TIBOR base rate. The loans will be due Aug. 20, 2024; Aug. 20, 2025; and Aug. 20, 2026, respectively.

As of March 27, US$1 was equivalent to about ¥105.71.