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Heiwa Real Estate to issue ¥100B of bonds

Heiwa Real Estate REIT is planning to issue up to ¥100 billion of domestic unsecured investment corporate bonds from May 28 through May 27, 2020.

The company plans to use the proceeds from the issuance to acquire assets, repay borrowings and redeem investment corporation bonds, among other purposes.

Heiwa also signed commitment line agreements for up to ¥6.00 billion to be used for repayment of loans and acquisition of new properties. Sumitomo Mitsui Banking Corp., MUFG Bank Ltd. and Mizuho Bank Ltd. agreed to provide up to ¥2.5 billion, ¥2.0 billion and ¥1.5 billion, respectively, from June 1 to May 31, 2019.

Additionally, the company is borrowing ¥5.2 billion to repay existing term loans of the same amount due May 31.

Sumitomo Mitsui Banking Corp., Resona Bank Ltd., Sumitomo Mitsui Trust Bank Ltd. and Aozora Bank Ltd. will lend ¥1.20 billion at an interest rate of 0.225% over the 1-month Japanese Yen Tokyo Interbank Rate. The loan will be due Oct. 31, 2020.

Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank Ltd., Resona Bank Ltd., Aozora Bank Ltd., MUFG Bank Ltd., The Bank of Fukuoka Ltd. and The 77 Bank Ltd. will provide a ¥4.00 billion loan due Nov. 30, 2026, carrying an interest rate of 1-month Japanese Yen Tokyo Interbank Rate plus 0.77%.

As of May 23, US$1 was equivalent to ¥110.03.