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Kenedix Office agrees to ¥9B debt financing deals

Kenedix Office Investment Corp. agreed to ¥9 billion worth of debt financing deals to repay ¥2 billion loans due Nov. 30 and to partly fund the ¥14.72 billion purchase of Mitsubishijuko Yokohama Building in Kanagawa, Japan.

Sumitomo Mitsui Banking Corp. will loan ¥2.0 billion at a base interest rate equal to the Japanese Bankers Association's one-month Tokyo Interbank Offered Rate plus 0.30000%. The company will draw down the loan Nov. 30, with repayment scheduled for Nov. 30, 2018.

Meanwhile, another series of financing involved seven loans totaling ¥7 billion from Sumitomo Mitsui Banking Corp., The Bank of Tokyo-Mitsubishi UFJ Ltd., Resona Bank Ltd., Mizuho Trust & Banking Co. Ltd., Sumitomo Mitsui Trust Bank Ltd. and Mitsubishi UFJ Trust and Banking Corp.

Among the series, a ¥1.4 billion loan and a ¥800 million facility each carry a base rate Japanese Bankers Association's one-month TIBOR plus 0.60000%, while the rest of the loans carry fixed rates that have yet to be determined.

The loans will be drawn down Dec. 7 and are slated to be repaid Nov. 30, 2027.

As of Nov. 27, US$1 was equivalent to ¥111.09.