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Nippon Prologis to prepay ¥7B loans

Nippon Prologis REIT Inc. intends to prepay short-term loans worth ¥7.0 billion on June 16, ahead of the original repayment date of March 2, 2018.

The company will use cash on hand and proceeds from the ¥7 billion issuance of investment corporation bonds, which comprise a ¥2 billion issuance with an interest rate of 0.180% per annum, a ¥1.5 billion issuance with a 0.280% yearly interest rate, another ¥2.5 billion with a 0.500% interest rate annually and a ¥1 billion issuance with a 0.860% yearly interest rate. The company is looking to raise ¥6.96 billion from this issuance.

SMBC Nikko Securities Inc., Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., Mizuho Securities Co. Ltd. and Nomura Securities Co. Ltd. will serve as underwriters for this issuance.

On March 3, the company borrowed ¥4.9 billion from Sumitomo Mitsui Banking Corp. and ¥2.1 billion from The Bank of Tokyo-Mitsubishi UFJ Ltd. The loans were expected to be paid March 2, 2018.

As of June 7, US$1 was equivalent to ¥109.34.