Daiwa Office Investment Corp. concluded a swap agreement for ¥13.00 billion of floating-rate loans with seven banks.

The company decided to convert the loans into fixed-rate borrowings to offset the risks of a likely increase in future interest rates. The loans were secured from 2014 to 2016, and are due to be repaid in 2023.

The lenders are Sumitomo Mitsui Banking Corp., The Bank of Fukuoka Ltd., Resona Bank Ltd., Mizuho Trust and Banking Co. Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank Ltd. and The Bank of Tokyo-Mitsubishi UFJ Ltd.

Following the concluded swap deal, Daiwa Office Investment's ratio of fixed-rate and floating-rate loans as of May 31 represented 82.6% and 17.4% of its interest-bearing liabilities, respectively.

As of May 29, US$1 was equivalent to ¥111.29.