Ichigo Hotel decided to borrow funds via new loans and enter into an interest rate swap to lock-in the interest rate on one of the loans. The new loans will be used to repay an existing floating rate loan of JPY 3.25 billion. Ichigo Hotel is fixing the interest rate on JPY 1.5 billion (Term Loan 9) via a swap in order to hedge against any future rise in interest rates. The swap will increase the proportion of Ichigo Hotel's fixed-rate loans from 74% to 81%. Loan and interest rate swap details: Lender: SMBC, Mizuho Bank, Shinsei Bank, Resona Bank. Loan amount: JPY 1.75 billion. Use of Proceeds: repayment of existing loan. Loan date: November 30, 2018, principal repayment date: May 31, 2020. Term Loan 9: Lender: SMBC, Mizuho Bank, Shinsei Bank, Resona Bank. Loan amount: JPY 1.5 billion, use of proceeds: repayment of existing loan. Loan date: November 30, 2018. Principal repayment date: November 30, 2024. Existing loan being repaid: Lender: SMBC, Mizuho Bank, Shinsei Bank, Resona Bank. Loan amount: JPY 3.25 billion. Use of proceeds: asset acquisition and related costs. Loan date: November 30, 2015 and principal repayment date will be November 30, 2018.