Ichigo Preserves and Improves Real Estate
[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.
Issuer
Ichigo Office REIT Investment Corporation (8975)1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo Representative: Yoshihiro Takatsuka, Executive Director www.ichigo-office.co.jp/english
April 28, 2017
Asset Management Company
Ichigo Investment Advisors Co., Ltd.Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Business Administration Tel: +81-3-3502-4891
Loan RepaymentIchigo Office REIT today completed a loan repayment (JPY 3,601 million) using proceeds from the asset sale announced in the April 26, 2017 release "Acquisition of Three Office Assets and Sale of Four Non-Office Assets."
Reason for Repayment
Reduce overall interest expense by repaying a loan with a relatively high interest rate.
Repayment Details
SMBC Syndicate Loan II (Term Loan 1)
Lenders SMBC, Shinsei Bank,
Resona Bank, Aozora Bank Outstanding Balance before Repayment JPY 3,601 million Repayment Amount JPY 3,601 million Outstanding Balance after Repayment None
Date of Repayment April 28, 2017
Borrowing Rate 1.79% (fixed)
Collateralized No
Original Date of Loan June 3, 2013
Loan Maturity Date May 31, 2018
Earnings Outlook
The impact of this repayment on Ichigo Office REIT's earnings and dividend forecasts for the April 2017, October 2017, and April 2018 fiscal periods is minimal, and therefore the forecasts are unchanged.
Reference: Loan Composition after RepaymentOutstanding Loan Balance (as of April 28, 2017)
(JPY million)
Before Repayment (A) | After Repayment (B) | Change (B) - (A) | |
Short-term bank loans | - | - | - |
Long-term bank loans (due within one year) | 9,884 | 9,866 | ‐18 |
Long-term bank loans | 90,034 | 86,451 | -3,582 |
Total bank loans | 99,919 | 96,317 | ‐3,601 |
Bond issuance | - | - | - |
Total bank loans and bond issuance | 99,919 | 96,317 | ‐3,601 |
Other interest-bearing liabilities | - | - | - |
Total interest-bearing liabilities | 99,919 | 96,317 | -3,601 |
Note: The Before Repayment amounts also reflect some loan amortization payments conducted today.
Loan Maturity Distribution (as of April 28, 2017) Before Repayment
20,000
(JPY million)
15,000
10,000
8,938
9,563 9,574
10,233
9,639 9,629 9,633 9,623
6,5276,867
7,263
5,000
700
0
1,000
Apr 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019 Oct 2019 Apr 2020 Oct 2020 Apr 2021 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023
After Repayment
20,000
(JPY million)
15,000
10,000
8,938
9,563 9,574
6,8677,263
10,233
9,639 9,629 9,633 9,623
5,000
2,949
700
0
1,000
Apr 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019 Oct 2019 Apr 2020 Oct 2020 Apr 2021 Oct 2021 Apr 2022 Oct 2022 Apr 2023 Oct 2023
Ichigo Office REIT Investment Corporation published this content on 28 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 April 2017 06:09:20 UTC.
Original documenthttp://www.ichigo-office.co.jp/module/_newsPdfReit/494/IchigoOffice_20170428_Loan_Repayment_ENG.pdf
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