February 22, 2022
Real Estate Investment Trust Unit Issuer:
TOKYU REIT, Inc.
1-12-1, Dogenzaka,
Shibuya-ku, Tokyo, 150-0043, Japan
Kazuyoshi Kashiwazaki
Executive Director
(Securities Code: 8957)
Investment Management Company:
Tokyu Real Estate Investment Management Inc.
Representative:
Kazuyoshi Kashiwazaki
Representative Director & President, Chief Executive Officer
Inquiries:
Yuji Shimizu
General Manager, Finance and IR
TEL: +81-3-5428-5828
Notice Concerning Long-Term Debt Financing
and Repayment of Long-Term Borrowing
TOKYU REIT, Inc. ("TOKYU REIT") today announced its decision to undertake debt financing and repayment. Brief details are as follows.
1. Debt Financing
(1) Rationale
TOKYU REIT will undertake debt financing for procurement of funds to repay long-term debt maturing on February 25, 2022. In an effort to ensure stability in connection with the procurement of funds, TOKYU REIT has adopted strategies to convert its debt financing to long-term fixed interest rate borrowings and to diversify repayment dates.
(2)Details of Debt Financing
Classification | Long-Term Debt | ||
Lender | Mizuho Trust & Banking co., Ltd. | ||
Debt Financing Amount | ¥500 million | ¥500 million | |
Interest Rate | 0.56880% | 0.78815% | |
(Fixed interest rate) | (Fixed interest rate) | ||
Repayment Method | Lump-sum repayment on maturity | ||
Drawdown Date | February 25, 2022 | ||
Maturity Date (Note) | February 25, 2026 | February 25, 2030 | |
Period | 4 years | 8 years | |
Collateral | Unsecured, unguaranteed | ||
Financing Fee | None | ||
(Note) In case the repayment date is not a business day, such date will be the following business day or the preceding business day (if the immediately following business day falls into the following month).
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2. Repayment of Debt
Debt borrowed on September 28, 2020.
Classification | Long-Term Debt |
Lender | Mizuho Trust & Banking co., Ltd. |
Debt Financing Amount | ¥2,400 million |
Interest Rate | Base interest rate |
( JBA three-month Japanese Yen TIBOR ) +0.230% | |
Repayment Method | Lump-sum repayment on maturity |
Drawdown Date | September 28, 2020 |
Repayment Date | February 25, 2022 |
Maturity Date (Note) | February 25, 2022 |
Repayment Source | Debt finance mentioned above 1. Debt Financing |
and cash on hand | |
Period | 1 year 5 months |
Collateral | Unsecured, unguaranteed |
Financing Fee | None |
(Note) In case the repayment date is not a business day, such date will be the following business day or the preceding business day (if the immediately following business day falls into the following month).
3. Total Debt After Additional Debt Financing and Repayment | |||||
Debt Balance Prior to | Debt Balance after | ||||
Additional Debt | Additional Debt | Change | |||
Financing and | Financing and | ||||
(¥ millions) | |||||
Repayment | Repayment | ||||
(¥ millions) | (¥ millions) | ||||
Short-Term Debt Financing | 0 | 0 | - | ||
Long-Term Debt Financing | 86,400 | 85,000 | -1,400 | ||
Total Debt Financing | 86,400 | 85,000 | -1,400 | ||
Investment Corporation | 8,000 | 8,000 | - | ||
Bonds | |||||
Interest-Bearing Debt | 94,400 | 93,000 | -1,400 | ||
4. Others
Regarding the loan repayment risk, there is no change to the "Investment risks" of the latest securities report submitted on October 29, 2021.
[Reference]
Timely Disclosure Relating to the Debt Financings to be Repaid (Except concerning decision of Interest Rate)
September 24, 2020 Notice Concerning Long-Term Debt Financing and Short-Term Debt Financing (Determination of Interest Rate)
This notice may contain forward-looking statements, such as current plans, strategies, and future performance. These forward-looking statements are based on judgments obtained from currently available information. Please be advised that, for a variety of reasons, actual results may differ materially from those discussed in the forward-looking statements. Events that might affect actual results include, but are not limited to, fluctuations of the real estate market in Japan, general conditions of the Japanese economy, competitive pressures and relevant regulations.
This notice is a translation of the original document in Japanese and is prepared solely for the convenience of non-Japanese speakers. There is no assurance as to the accuracy of the English translation. The original Japanese notice shall prevail in the event of any discrepancies between the translation and the Japanese original.
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Disclaimer
Tokyu REIT Inc. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 06:30:05 UTC.