This English translation is provided for information purposes only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.
March 21, 2024
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hiroyuki Aoki, President and CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Notice Concerning New Loans (including Refinancing with Green Loan)
Japan Hotel REIT Investment Corporation (hereinafter called "JHR") informs you that JHR resolved today on new borrowing including Green Loan (hereinafter called the "New Loans") for the purpose of refinancing the existing loans.
1. Summary of the New Loans
(1) Content of the New Loans
JHR plans to refinance the existing loans due on March 29, 2024 (hereinafter called the "Loans Scheduled for Repayment").
(2) Details of the New Loans
Amount of | Scheduled | Collateral/ | ||||
Name | Lender | Interest Rate | Maturity | Method of | ||
New Loan | Borrowing | |||||
(*1) | Date | Principal | ||||
(JPY MM) | Date | |||||
Repayment | ||||||
Unsecured/ | ||||||
Term Loan | SBI Shinsei Bank, Limited | 3,000 | Base interest rate | March 29, | March 31, | Unguaranteed |
Lump-sum | ||||||
95 | + 0.25% | 2024 | 2025 | |||
payment on the | ||||||
maturity date | ||||||
To be determined | Unsecured/ | |||||
Term Loan | March 29, | March 31, | Unguaranteed | |||
Sompo Japan Insurance Inc. | 1,000 | (fixed) | Lump-sum | |||
96 | 2024 | 2027 | ||||
(*2) | payment on the | |||||
maturity date | ||||||
Development Bank of | ||||||
Japan Inc., | ||||||
SBI Shinsei Bank, Limited, | Unsecured/ | |||||
Sumitomo Mitsui Banking | Base interest rate | |||||
Term Loan | March 29, | March 31, | Unguaranteed | |||
Corporation, | ||||||
4,050 | + 0.40% | Lump-sum | ||||
97 | Sumitomo Mitsui Trust | 2024 | 2027 | |||
(*3) | payment on the | |||||
Bank, Limited, | ||||||
maturity date | ||||||
Resona Bank, Limited, | ||||||
The Nishi-Nippon City | ||||||
Bank, Ltd. | ||||||
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Amount of | Scheduled | Collateral/ | ||||
Name | Lender | Interest Rate | Maturity | Method of | ||
New Loan | Borrowing | |||||
(*1) | Date | Principal | ||||
(JPY MM) | Date | |||||
Repayment | ||||||
Sumitomo Mitsui Banking | ||||||
Corporation, | Base interest rate | Unsecured/ | ||||
Term Loan | SBI Shinsei Bank, Limited, | March 29, | March 30, | Unguaranteed | ||
Resona Bank, Limited, | 4,000 | + 0.50% | Lump-sum | |||
98 | 2024 | 2029 | ||||
Sumitomo Mitsui Trust | (*3) | payment on the | ||||
Bank, Limited, | maturity date | |||||
The Chiba Bank, Ltd. | ||||||
To be determined | Unsecured/ | |||||
Term Loan | March 29, | March 30, | Unguaranteed | |||
MUFG Bank, Ltd. | 800 | (fixed) | Lump-sum | |||
99 | 2024 | 2029 | ||||
(*2) | payment on the | |||||
maturity date | ||||||
Sumitomo Mitsui Banking | ||||||
Corporation, | ||||||
Resona Bank, Limited, | Base interest rate | Unsecured/ | ||||
Term Loan | Sumitomo Mitsui Trust | March 29, | March 29, | Unguaranteed | ||
Bank, Limited, | 14,839 | + 0.55% | Lump-sum | |||
100 | 2024 | 2030 | ||||
SBI Shinsei Bank, Limited, | (*3) | payment on the | ||||
The Chiba Bank, Ltd., | maturity date | |||||
Mizuho Bank, Ltd., | ||||||
The Bank of Fukuoka, Ltd. | ||||||
Sumitomo Mitsui Banking | ||||||
Corporation, | ||||||
Mizuho Bank, Ltd., | ||||||
Term Loan | SBI Shinsei Bank, Limited, | Base interest rate | Unsecured/ | |||
Sumitomo Mitsui Trust | March 29, | March 29, | Unguaranteed | |||
101 | ||||||
Bank, Limited, | 3,300 | + 0.55% | Lump-sum | |||
Green Loan | 2024 | 2030 | ||||
Kansai Mirai Bank, | (*3) | payment on the | ||||
(*4) | ||||||
Limited, | maturity date | |||||
The Hokuriku Bank, Ltd., | ||||||
The Minato Bank, Ltd., | ||||||
Aozora Bank, Ltd. |
(*1) The first interest payment will be due on the last day of April 2024, and subsequent interest payments will be due on the last day of each month thereafter (or the immediately preceding business day if that day is not a business day) and the maturity date.
The base interest rate for the calculation period of the interest to be paid on the interest payment date will be the 1-month JBA Japanese Yen TIBOR as of two business days prior to the immediately preceding interest payment date (excluding interest rates to be determined). Please refer to the website of the JBA TIBOR Administration for the JBA Japanese Yen TIBOR (http://www.jbatibor.or.jp/english/rate/).
(*2) The interest rates to be determined will be announced once they are determined.
(*3) For Term Loans 97, 98, 100 and 101, JHR plans to conclude interest rate swap contracts to fix the interest rate. Further details will be announced once they are determined.
(*4) Term Loan 101 will be borrowed as a green loan under the Green Finance Framework formulated by JHR in January 2024. The loan will be used to partially fund the repayment of borrowings (including borrowings from subsequent refinancing) for acquiring Uan kanazawa and Hilton Tokyo Odaiba, green buildings that meet the Eligibility Criteria.
For details on the Green Finance Framework, please refer to the press release dated January 31, 2024, titled "Notice Concerning Formulation of Green Finance Framework and Acquisition of Green Finance Framework Evaluation."
2. Summary of Loans Scheduled for Repayment
- Summary of Repayment
JHR plans to repay the loans using the New Loans.
-
Amount of Repayment
JPY30,989MM - Scheduled Repayment Date March 29, 2024
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(4) Details of the Loans Scheduled for Repayment
Loan Balance before | ||||
Name | Lender | Repayment | Borrowing Date | Maturity Date |
(JPY MM) | ||||
Term Loan | Sumitomo Mitsui Banking | |||
Corporation, | 2,100 | March 28, 2016 | March 29, 2024 | |
22-1 | ||||
Mizuho Bank, Ltd. | ||||
The Nomura Trust and Banking | ||||
Term Loan | Co., Ltd, | 2,536 | March 31, 2016 | March 29, 2024 |
The Chiba Bank, Ltd., | ||||
22-2 | ||||
Development Bank of Japan Inc, | ||||
The Bank of Fukuoka, Ltd. | ||||
Term Loan | Sumitomo Mitsui Trust Bank, | 800 | March 31, 2016 | March 29, 2024 |
24 | Limited. | |||
Term Loan | Development Bank of Japan Inc. | 500 | March 31, 2016 | March 29, 2024 |
25 | ||||
Term Loan | Sumitomo Mitsui Banking | |||
Corporation, | 4,000 | November 15, 2017 | March 29, 2024 | |
43 | ||||
SBI Shinsei Bank | ||||
Term Loan | The Bank of Fukuoka, Ltd., | |||
The Chiba Bank, Ltd., | 2,500 | April 8, 2019 | March 29, 2024 | |
53 | The Nishi-Nippon City Bank, Ltd., | |||
Sompo Japan Insurance Inc. | ||||
Sumitomo Mitsui Banking | ||||
Corporation, | ||||
Term Loan | SBI Shinsei Bank, Limited, | 2,985 | January 31, 2023 | March 29, 2024 |
Sumitomo Mitsui Trust Bank, | ||||
79 | ||||
Limited, | ||||
Resona Bank, Limited, | ||||
Aozora Bank, Ltd. | ||||
Sumitomo Mitsui Banking | ||||
Corporation, | ||||
Term Loan | SBI Shinsei Bank, Limited, | |||
Sumitomo Mitsui Trust Bank, | 14,768 | March 31, 2023 | March 29, 2024 | |
82 | Limited, | |||
Resona Bank, Limited, | ||||
The Chiba Bank, Ltd., | ||||
The Minato Bank, Ltd. | ||||
Term Loan | Kansai Mirai Bank, Limited, | 800 | January 31, 2024 | March 29, 2024 |
94 | The Hokuriku Bank, Ltd. | |||
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3. Status of the Interest-bearing Debt After the New Loans (scheduled)
(Unit: JPY MM) | ||||
Category | Before | After | Variance | |
Short-term loans | 15,568 | - | (15,568) | |
Long-term loans (*2) | 122,763 | 138,331 | 15,568 | |
Total loans | 138,331 | 138,331 | - | |
Total investment corporation bonds | 36,900 | 36,900 | - | |
Total interest-bearing debt | 175,231 | 175,231 | ||
(*1) | ||||
Amounts are rounded down to the nearest millions of yen. | ||||
(*2) | Long-term loans payable within one year are included in the long-term loans. |
-
The fixed interest rate ratio to the total interest-bearing debt after the New Loans is forecasted to be around 74%.
4. Other
For the risks of the New Loans, please refer to the section "Investment Risk" in the Securities Report submitted today (Japanese only).
* Website of Japan Hotel REIT Investment Corporation: https://www.jhrth.co.jp/en/
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Disclaimer
Japan Hotel REIT Investment Corporation published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 07:04:07 UTC.