[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
To All Concerned Parties
Name of REIT Issuer:
January 22, 2016
Invincible Investment Corporation Name of representative:
Naoki Fukuda, Executive Director Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan (Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd. Naoki Fukuda, CEO
Contact: Masayuki Inagaki,
General Manager of Planning Department (Tel. +81-3-5411-2731)
Notice Concerning Implementation of Debt Financing
Invincible Investment Corporation announces that the new borrowing (hereinafter, the "New Borrowing"), which was announced in the press release titled "Notice concerning Debt Financing" dated January 20, 2016, has been completed today.
[Reference]
Lender | Borrowing Date | Borrowing Amount (mn JPY) | Interest Rate (per annum) | Principal Maturity Date | Borrowing Method |
Sumitomo Mitsui Trust Bank, Limited Mitsubishi UFJ Trust and Banking Corporation | January 22, 2016 | 4,250 | 0.55% (Note 1) Variable interest rate (Note 2) (Note 5) | January 22, 2019 | Unsecured / non guarantee |
January 22, 2016 | 4,250 | 0.75% (Note 1) Variable interest rate (Note 3) (Note 5) | January 22, 2021 | Unsecured / non guarantee | |
Sumitomo Mitsui Trust Bank, Limited | January 22, 2016 | 498 | 0.35% (Note 1) Variable interest rate (Note4) (Note 5) | January 22, 2017 | Unsecured / non guarantee |
Overview of the New Borrowing Term Loan (B)
(Note 1) Interest rate applicable for the period from January 22, 2016 to February 28, 2016 (Note 2) One-month JPY TIBOR + spread (0.4%)
(Note 3) One-month JPY TIBOR + spread (0.6%) (Note 4) One-month JPY TIBOR + spread (0.2%)
(Note 5) For the first interest calculation period, Two-month JPY TIBOR + spread is used in lieu of One-month JPY TIBOR.
Borrowing Amount Outstanding and Loan to Value Ratio (LTV) before/after the Financing
(Units: mn JPY, figures rounded down to the nearest mn JPY)
Before Refinancing (As of January 20, 2016) | After Refinancing (As of January 22, 2016) | Change | |
Total debt | 91,699 | 100,697 | 8,998 |
Appraisal value (Note 1) | 214,952 | 225,262 | 10,310 |
LTV based on appraisal value (%) (Note 2) | 42.2 | 44.0 | 1.8 |
(Note 1) With regard to appraisal value, the appraisal values of 111 properties held as of the end of December 2015 are the values as of such date. Furthermore, among the six properties acquired on January 22, 2016, the appraisal value of "Hotel MyStays Shinsaibashi" is the value as of November 1, 2015; the appraisal values of "Comfort Hotel Kurosaki", "Comfort Hotel Maebashi", "Comfort Hotel Tsubame-Sanjo", "Comfort Hotel Kitami" and "Royal Parks Momozaka", are the values as of November 20, 2015.
(Note 2) LTV (appraisal value basis) is calculated using the following formula;
LTV based on appraisal value = interest-bearing debt (excluding JPY 1,080 million borrowings corresponding to the expected consumption tax refund, which is included in New Syndicate Loan (E) and JPY 498 million borrowings corresponding to the expected consumption tax refund, which is included in Term Loan (B)) / appraisal value x 100
(Note 3) The amount is rounded down to JPY million, and the percentage is rounded to the nearest first decimal place.
Invincible Investment Corporation issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 08:54:03 UTC
Original Document: http://www.invincible-inv.co.jp/eng/cms/whats/20160122_155113WDDA.pdf
