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Premier Investment secures ¥7.90B loan to repay maturing debt

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Premier Investment secures ¥7.90B loan to repay maturing debt

Diversified Japanese real estate investment trust Premier Investment Corp. is borrowing ¥7.90 billion from five banks for its planned repayment of a long-term loan of the same amount that will expire March 27.

Aozora Bank Ltd. is providing a five-year term loan of ¥1.10 billion, while Sumitomo Mitsui Banking Corp. is lending ¥1.50 billion on a term of seven years. Sumitomo Mitsui Trust Bank Ltd., Resona Bank Ltd. and The Bank of Tokyo-Mitsubishi UFJ Ltd. are all providing eight-year term loans with respective amounts of ¥2.60 billion, ¥1.20 billion and ¥1.50 billion.

The loan from Sumitomo Mitsui Banking carries a floating annual interest rate of Tokyo Interbank Offered Rate plus 0.32%, while the amounts coming from Sumitomo Mitsui Trust and Resona are both subject to per annum interest rate of TIBOR plus 0.35%. The interest rate for the loans sourced from Aozora and The Bank of Tokyo-Mitsubishi will be determined March 23, the J-REIT noted.

All loans, which will be drawn down on the expiration date of the debt to be repaid, are unsecured and unguaranteed, according to a news release.

As of March 22, US$1 was equivalent to ¥105.72.