For Immediate Release
REIT Issuer:
ORIX JREIT Inc. (TSE: 8954)
Hiroshi Miura
Executive Director
Asset Management Company:
ORIX Asset Management Corporation
Yoshitaka Kamemoto
President and CEO
Inquiries:
Shinji Yamana
Executive Officer and CFO
TEL:+81 3 5776 3323
ORIX JREIT Announces New Debt Financing
TOKYO, June 10, 2022 - ORIX JREIT Inc. ("OJR") announces that its asset management company, ORIX Asset Management Corporation, determined new debt financing as described below.
1. Total amount of debt financing, use of proceeds and the scheduled timing of disbursement
- Total amount of debt financing
JPY 8,000 million
(2) Use of proceeds and the scheduled timing of disbursement
Total amount of debt | The scheduled | |
Use of proceeds | financing | timing of |
(JPY million) | disbursement | |
To allocate to refinance the long-term loan of JPY2,000 | ||
million as described in (i) below, after subtracting proceeds | 1,540 | June 15, 2022 |
from disposition of the property "Beside Kiba"(Note) executed | ||
on June 1, 2022. | ||
To allocate to refinance the long-term loan of JPY8,100 | ||
million as described in (ii) below, after subtracting proceeds | 6,460 | June 20, 2022 |
from disposition of the property "Beside Kiba"(Note) executed | ||
on June 1, 2022. |
Note: For the details of disposition, please refer to the press release "ORIX JREIT Announces Disposition of Properties 'BesideKiba' and 'Cross Residence Kanazawa Kohrinbo'"dated March 31, 2022.
(i) Long-term loan(JPY2,000 million) to be repaid
Lender | Drawdown | Loan amount | Maturity date | Principal payment |
date | (JPY million) | |||
Mizuho Bank, Ltd. | June 15, 2020 | 2,000 | June 15, 2022 | Bullet payment on the |
maturity date | ||||
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(ii) Long-term loan(JPY8,100 million) to be repaid
Lender | Drawdown | Loan amount | Maturity date | Principal payment |
date | (JPY million) | |||
Sumitomo Mitsui Banking | 1,890 | |||
Corporation | ||||
Sumitomo Mitsui Trust Bank, | June 20, 2014 | 1,890 | June 20, 2022 | Bullet payment on the |
Limited | maturity date | |||
MUFG Bank, Ltd. | 1,890 | |||
Mizuho Bank, Ltd. | 1,430 | |||
Tokio Marine & Nichido Fire | June 23, 2017 | 1,000 | June 20, 2022 | Bullet payment on the |
Insurance Co., Ltd. | maturity date | |||
2. New debt financing summary
- Long-termloan
a. | Lender | Mizuho Bank, Ltd. | |
b. | Loan amount | JPY 1,540,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | June 15, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated June 13, 2022 | |
f. | Maturity date | March 21, 2030 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY2,000 million | |
due on June 15, 2022 | |||
Notes |
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
- Long-termloan
a. | Lender | Tokio Marine & Nichido Fire Insurance Co., Ltd. |
b. | Loan amount | JPY 1,000,000,000 |
c. | Applicable interest rate | 0.320% (Fixed rate) |
d. | Drawdown date | June 20, 2022 |
e. | Method of borrowing | Based on the term loan agreement dated June 16, 2022 |
f. | Maturity date | June 22, 2026 |
g. | Principal payment | Bullet payment on the maturity date |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY1,000 million |
due on June 20, 2022 | ||
Note: | The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the | |
20th day of March, June, September and December in every year by the principal payment date and on the principal |
payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
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(3) Long-term loan
a. | Lender | Sumitomo Mitsui Banking Corporation | |
b. | Loan amount | JPY 1,250,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | June 20, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated June 16, 2022 | |
f. | Maturity date | September 21, 2027 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY7,100 million | |
due on June 20, 2022 | |||
Notes |
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
- Long-termloan
a. | Lender | MUFG Bank, Ltd. | |
b. | Loan amount | JPY 1,890,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | June 20, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated June 16, 2022 | |
f. | Maturity date | June 20, 2029 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY7,100 million | |
due on June 20, 2022 | |||
Notes |
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
- Long-termloan
a. | Lender | Mizuho Bank, Ltd. | |
b. | Loan amount | JPY 1,430,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | June 20, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated June 16, 2022 | |
f. | Maturity date | June 20, 2030 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY7,100 million | |
due on June 20, 2022 | |||
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Notes
- The interest rate will be announced when applicable interest rate is determined.
- The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
- Long-termloan
a. | Lender | Sumitomo Mitsui Trust Bank, Limited | |
b. | Loan amount | JPY 890,000,000 | |
c. | Applicable interest rate | (Note1) | To be determined (Fixed rate) |
d. | Drawdown date | June 20, 2022 | |
e. | Method of borrowing | Based on the term loan agreement dated June 16, 2022 | |
f. | Maturity date | June 20, 2030 | |
g. | Principal payment | Bullet payment on the maturity date | |
h. | Collateral / Guarantee | Un-secured /Non-guaranteed | |
i. | Purpose for new debt financing | To allocate to repay the long-term loan of JPY7,100 million | |
due on June 20, 2022 | |||
Notes |
1. The interest rate will be announced when applicable interest rate is determined.
2. The first interest is scheduled to be paid on September 20, 2022, each interest is thereafter scheduled to be paid on the 20th day of March, June, September and December in every year by the principal payment date and on the principal payment date respectively. But if any such date is not a business day, payment shall be made on the next business day or, if such next business day is in the following month, the immediately preceding business day.
3. Change in interest-bearing liabilities and LTV post-drawdown | Unit: million yen | ||||
Pre-drawdown | Post-drawdown | Change (Note2) | |||
As of June 10, 2022 | As of June 20, 2022 | ||||
Short-term loans | ― | ― | ― | ||
Long-term loans | 267,137 | 264,037 | -3,100 | ||
Total of loans | 267,137 | 264,037 | -3,100 | ||
Investment corporation bonds | 30,500 | 30,500 | ― | ||
Total interest-bearing liabilities | 297,637 | 294,537 | -3,100 | ||
LTV based on total assets | (Note1) | 43.6% | 43. 3% | -0.3% | |
Notes
-
"LTV based on total assets" (%) = Interest-bearing liabilities ÷ Expected total assets × 100
"Expected total assets" is calculated by adding or subtracting the increase or decrease amount of interest-bearing liabilities and unitholders' capital since March 1, 2022, to the total assets as of the end of the 40th fiscal period ended February 28, 2022. LTV figure is rounded to the one decimal place. Accordingly, change in the LTV figures may not tally due to rounding error. - Please also refer to the press release entitled "ORIX JREIT Announces Prepayment of Loan" dated June 3, 2022.
4. Additional information for investors
With respect to the risks associated with new debt financing, the content of "Investment Risks" stated in our Security Report (Yukashoken Hokokusho) for the 40th fiscal period ended February 28, 2022, has not changed.
Note: This is the English translation of original Japanese documents and is provided solely for information purposes. If there are any discrepancies between the translation and the Japanese original, the latter shall prevail.
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ORIX JREIT Inc. published this content on 10 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2022 06:21:03 UTC.