Translation of Japanese Original
To All Concerned Parties
June 23, 2023
REIT Issuer:
Kenedix Office Investment Corporation
Hiroaki Momoi, Executive Director
(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Hikaru Teramoto, President & CEO
Inquiries:
Tomoya Shigaki
Head of Strategic Planning,
Office REIT Department
TEL: +81-3-5157-6010
Notice Concerning Debt Financing (Green Loan)
Kenedix Office Investment Corporation ("the Investment Corporation") announced today, that the Investment Corporation decided to undertake the debt financing (total of 500 million yen) through the green loan. Please see below for the details.
1. Outline of Debt Financing
Amount | Interest Rate | Contract | Drawdown | Principal | Collateral | ||
Series | Lender | Repayment | Repayment | ||||
(Note 1) (Note 2) | Date | Date | |||||
Date (Note 1) | Method | ||||||
Unsecured, | |||||||
500 | Base rate | unguaranteed | |||||
・ | |||||||
201 | Sumitomo Mitsui | (JPY TIBOR | June 28, | June 30, | June 30, | ||
million | Repayment | ||||||
(Note 3) | Trust Bank, Limited | for 3 months) | 2023 | 2023 | 2026 | ||
yen | of principal | ||||||
+0.17500% | |||||||
in full on | |||||||
maturity date |
Note 1: The first interest payment is due at the end of September 2023, and on the last day of every 3 month thereafter with the principal repayment day. If each interest payment day or the principal repayment day is a non-business day, then the interest payment or the principal repayment will be due on the next business day and if that next business day is in the next month, then previous business day will be applied.
Note 2: The base rate that are applied during the interest period for the interest due on the interest payment date shall be calculated based on a Japanese Yen TIBOR, which JBA TIBOR Administration ("the JBATA") releases two business days before the interest payment date. The Japanese Yen TIBOR of the JBATA is available on the JBATA website (https://www.jbatibor.or.jp/english/rate/).
Note 3: The debt financing is the green loan. The green loan is to be applied to the repayment of borrowings for the acquisition of the property with a certain level of environmental evaluation and certification in accordance with the Green Finance Framework ("the Framework") established by the Investment Corporation. The Framework has received a "Green1(F)" rating in the "JCR Green Finance Framework Evaluation" from Japan Credit Rating Agency, Ltd. ("JCR") on August 10, 2022. The details of the Investment Corporation's initiatives of green finance are available on the website (https://www.kdo-reit.com/en/sustainability/environment7.html).
2. Purpose of Debt Financing
Series 201 is to apply the fund towards the repayment of Series 164-A with the principal repayment date of June 30, 2023. For details on Series 164-A, please refer to the press release, "Notice Concerning Debt Financing (Series 164) and the Execution of Interest Rate Swap Agreements" dated June 12, 2019.
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3. Status of Borrowings and Investment Corporation Bonds after the Debt Financing (as of June 30, 2023)
(Millions of yen) | ||||||||||||
Classification | Balance before | Balance after | Difference | |||||||||
the Debt Financing | the Debt Financing | |||||||||||
Short-Term Borrowings (Note 1) | 300 | 300 | - | |||||||||
Long-Term Borrowings (Note 2) | 201,650 | 201,650 | - | |||||||||
Total Borrowings | 201,950 | 201,950 | - | |||||||||
Investment Corporation Bonds | 13,000 | 13,000 | - | |||||||||
Total Borrowings and Investment Corporation Bonds | 214,950 | 214,950 | - |
Note 1: Short-term borrowings refer to debt financing with a period less than or equal to one year from the drawdown date to the principal repayment date. However, the borrowings for which the period until the principal repayment date has surpassed one year because the principal repayment date after one year from the drawdown date is not a business day, and for which the principal repayment date has been moved to a different business day, are included in short-term borrowings.
Note 2: Long-term borrowings refer to debt financing with a period more than one year from the drawdown date to the principal repayment date.
4. Other
For risks concerning the repayment, etc. of the aforementioned debt financing, there are no significant changes to the "Investment Risks" as described in the Securities Report (submitted on January 27, 2023).
The Investment Corporation's website: https://www.kdo-reit.com/en/
This notice is the English translation of the Japanese announcement on our website released on June 23, 2023. However, no assurance or warranties are given for the completeness or accuracy of this English translation.
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Disclaimer
Kenedix Office Investment Corporation published this content on 23 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2023 11:23:22 UTC.