Nippon Building Fund Inc. is issuing ¥10 billion worth of unsecured investment corporation bonds under two series through a public offering.

The bonds will be issued in two equal amounts of ¥5 billion each and will mature May 23, 2025, and May 21, 2038, respectively, with yearly interest rates set at 0.220% and 0.888%. The issue and redemption prices stand at ¥100 per ¥100 of each bond.

The office real estate investment trust estimates net proceeds to come in at ¥9.90 billion, which will be used for the partial repayment of borrowings due in May and June, as well as to partially redeem bonds maturing June 12.

Japan Securities Depository Center Inc. was tapped to be the book-entry transfer institution for the offering, while Sumitomo Mitsui Trust Bank Ltd. was tasked to be the fiscal, issuing and paying agent. Daiwa Securities Co. Ltd. is acting as the offering's underwriter.

As of May 16, US$1 was equivalent to ¥110.26.