For information purpose only. The Japanese press release should be referred to as the original.
January 28, 2022
To All Concerned Parties
REIT Issuer:
LaSalle LOGIPORT REIT
1-11-1, Marunouchi, Chiyoda-ku, Tokyo
Representative: Toshimitsu Fujiwara, Executive Director
(Securities Identification Code: 3466)
Asset Manager:
LaSalle REIT Advisors K.K.
Representative: Toshimitsu Fujiwara, President and CEO
Contact: Taira Jigami, Head of Fund Management
TEL: +81-3-6367-5800
Notice Concerning Borrowing of Funds and Early Prepayment of Debt Financing
LaSalle LOGIPORT REIT ("LLR") announces today that debt (the "Borrowings") will be procured based on the following terms and conditions, and an early prepayment will be made on some of its debt (the "Early Prepayment"), as outlined below.
1. Details of the Borrowings
Catego | Lender | Borrowing | Interest Rate | Borrowing | Borrowing | Repayment | Repayment | Collateral |
ry | Amount | (Note 1) | Date | Method | Date | Method | ||
(JPY mil) | (Note 2) | (Note 4) | (Note 5) | |||||
Base interest | Borrowing based | |||||||
on individual | ||||||||
MUFG Bank, Ltd., | rate (JBA 3- | |||||||
term loan | Unsecured | |||||||
Long - | Development Bank of Japan | month JPY | Feb. 14, | June 28, | Bullet | |||
3,850 | agreement dated | and non- | ||||||
term | Inc., The Bank of Fukuoka, | TIBOR) + | 2022 | 2030 | repayment | |||
Ltd., and Resona Bank, Ltd. | 0.3800% | Feb. 8, 2022 with | guaranteed | |||||
the lenders shown | ||||||||
(Note 3) | ||||||||
on the left | ||||||||
Notes: |
- "Interest Rate" does not include loan fees payable to lenders.
- The first interest payment date is the last day of May 2022, and the subsequent interest payment dates are the last day of every February, May, August and November thereafter (if this day would fall on a day that is not a business day, the interest payment date shall be on the following business day. However, if such date would fall in the next calendar month,
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the interest payment date shall be on the immediately preceding business day). As to floating interest rates, the base interest rate refers to the Japanese yen TIBOR for three-month deposits announced by the JBA TIBOR Association two business days before the interest payment date for the immediately preceding interest calculation period (however, for the first calculation period, the applicable date is the borrowing date).
Please refer to the JBA TIBOR Association's website (https://www.jbatibor.or.jp/english/) for changes in the JBA Japanese yen TIBOR.
- Interest rates are expected to be converted into a fixed rate upon executing Interest Rate Swap Agreements. Details of the Interest Rate Swap Agreements shall be announced at a later time once the agreements have been executed.
- If the repayment date would fall on a day that is not a business day, the repayment date shall be on the following business day. However, if such date would fall in the next calendar month, the repayment date shall be on the immediately preceding business day.
- Partial or full principal repayment prior to the maturity date is permissible under certain conditions such as LLR providing prior written notice of its intention during the period between the borrowing date and the repayment date.
2. Details of the Early Prepayment of Debt
Balance | Prepayment | Balance | Prepayment | ||||
before | after | Borrowing | Repayment | ||||
Category | Lenders | amount | date | ||||
prepayment | prepayment | date | due date | ||||
(JPY mil) | (scheduled) | ||||||
(JPY mil) | (JPY mil) | ||||||
Syndicate of lenders | |||||||
arranged by MUFG | |||||||
Long - | Bank, Ltd., Mizuho | Mar. 1, | Mar. 1, | Feb. 14, | |||
Bank, Ltd., and | 1,300 | 1,300 | - | ||||
term | 2017 | 2022 | 2022 | ||||
Sumitomo Mitsui | |||||||
Banking Corporation | |||||||
(Note 1) | |||||||
MUFG Bank, Ltd., | |||||||
Long - | The Nomura Trust | 550 | 550 | - | Feb. 17, | Feb. 28, | Feb. 14, |
term | and Banking | 2021 | 2022 | 2022 | |||
Co., Ltd. | |||||||
Notes: |
- The syndicate of lenders includes Development Bank of Japan Inc., Resona Bank, Limited, The Bank of Fukuoka, Ltd., and MUFG Bank, Ltd.
- Due to this prepayment being made, while there will be a settlement payment incurred, the impact it will have on the operational status to LLR is extremely minor.
- For details of debt financing, please refer to "Notice Concerning Borrowing of Funds and Early Repayment of Debt Financing" issued on February 24, 2017 and "Notice Concerning Borrowing of Funds and Early Prepayment of Debt Financing" issued on January 29, 2021.
3. Reason for the Borrowings
LLR has decided to borrow the funds and apply it to the Early Prepayment described in "2. Details of
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the Early Prepayment of Debt" and to partially fund the redemption of the 1st Unsecured Investment Corporation Bonds (Note) of 4,000 million yen that will mature on February 15, 2022.
Note: For details of the 1st Unsecured Investment Corporation Bonds, please refer to the "Notice Concerning Issuance of Investment Corporation Bonds and Early Repayment of Debt Financing" issued on February 9, 2017".
4. Total Amount, Purpose of Use and Scheduled Outlay Date of the Proceeds
-
Total amount
3,850 million yen - Specific purpose of use
Early Prepayment and redemption of the Unsecured Investment Corporation Bonds, as described in
"3. Reason for the Borrowings ".
-
Scheduled outlay date
February 14, 2022 and February 15, 2022
5. Outstanding Loan Balances after the Borrowings
(Unit: | yen in millions) | |||||
As of January 28, | As of February 15, | Increase | ||||
2022 | 2022 | (decrease) | ||||
Short-term Loan | 1,850 | - | (1,850) | |||
(Note) | ||||||
Long-term Loan | 143,270 | 147,120 | 3,850 | |||
(Note) | ||||||
Total Loan Amount | 145,120 | 147,120 | 2,000 | |||
Investment Corporation | 15,500 | 11,500 | (4,000) | |||
Bonds | ||||||
Total | ||||||
Interest-Bearing Liabilities | 160,620 | 158,620 | (2,000) |
Note: Short-term Loan refers to loans that are due within one year from the above mentioned date, and Long-term Loan refers to loans that are due in more than one year from the above mentioned date.
Impact on Financial Indicators
As of January 28, | As of February 15, | Increase | |
2022 | 2022 (Note 1) | (decrease) | |
Average remaining debt term | 4.67 years | 4.86 years | Extended by |
(Note 2) | 0.19 years | ||
Ratio of fixed interest rate loans | 92.5% | 92.8 % | Increased by |
(Note 3) | 0.3% | ||
Notes:
- Assumed calculation based on executing the interest rate swap agreement on this given date.
- Calculated as the average of remaining debt term weighted by interest-bearing liabilities amount. Rounded to two decimal places.
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3. Calculated as the amount of interest-bearing liabilities with fixed interest rate divided by the total amount of interest- bearing liabilities multiplied by 100. Rounded to one decimal place.
6. Other Matters Necessary for Investors' Appropriate Understanding/Judgment of the Concerned Information
With respect to risks regarding redemption of the Borrowing, etc. there are no material changes from the content provided in the "Part 1. Fund Information, I. Overview of the Fund, 3. Investment Risks" section included within the Securities Report (Japanese) submitted on November 29, 2021.
*LaSalle LOGIPORT REIT:https://lasalle-logiport.com/english/
This notice is an English translation of the Japanese announcement dated January 28, 2022. No assurance or warranties are made regarding the completeness or accuracy of this English translation. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
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Disclaimer
LaSalle Logiport REIT published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 06:15:03 UTC.