Kenedix Retail REIT Corp. plans to borrow a total of ¥5.85 billion to repay loans of ¥3.85 billion and ¥2.00 billion from 2015 and 2017, respectively.
The Tokyo-based real estate investment trust will draw down on Feb. 13 loans of ¥2.75 billion from Sumitomo Mitsui Banking Corp., ¥350 million from Mizuho Trust & Banking Co. Ltd., ¥250 million each from Aozora Bank Ltd. and Resona Bank Ltd., ¥200 million from Sumitomo Mitsui Trust Bank Ltd., ¥1.25 billion from The Bank of Tokyo-Mitsubishi UFJ Ltd., and ¥800 million from Mizuho Bank Ltd.
The loans have maturity dates ranging from Feb. 13, 2019, to Aug. 31, 2022, with interest ranging from 0.400% to 0.475% on top of the one-month Japanese Bankers Association Tokyo Interbank Offered Rate.
The interest rates for the ¥1.25 billion and ¥800 million loans are expected to be fixed at 0.603% through swap agreements with Sumitomo Mitsui Trust Bank.
As of Feb. 7, US$1 was equivalent to ¥109.51.