July 20, 2022
For Immediate Release
Name of REIT Issuer:
CRE Logistics REIT, Inc.
2-10-1, Toranomon, Minato-ku, Tokyo, Japan
Tsuyoshi Ito, Executive Director
(TSE Code: 3487)
Asset Manager
CRE REIT Advisers, Inc.
Tsuyoshi Ito, President
Person of Contact:
Hirohisa Toda, Executive Officer, Head of
Corporate Planning and General Affairs
Tel: +81-3-5575-3600
Notice Concerning Borrowing of Funds (Refinancing by Green Loan)
CRE Logistics REIT, Inc. ("CRE REIT") announces its decision today to borrow funds ("the Borrowings"). The Borrowings is a green loan that is executed based on the Green Finance Framework established by CRE REIT.
１．Details of the Borrowings (Note 1)
Loan | Repaym | |||||||||||
Catego | amount | Interest | Drawdown | Borrowing | Repaym | |||||||
Lender | ent | Notes | ||||||||||
ry | (million | rate | date | method | ent date | |||||||
method | ||||||||||||
yen) | ||||||||||||
Sumitomo Mitsui | 375 | |||||||||||
payableloans term-Long 2) (Note | Banking Corporation | Borrowing | ||||||||||
based on | ||||||||||||
Mizuho Bank, Ltd. | 300 | individual | Lump- | |||||||||
loan | Unsecur | |||||||||||
The Nishi-Nippon City | Base rate | the lenders | sum | |||||||||
Development Bank of | 225 | (Note 3) | July 29, | agreement | July 31, | repayme | ed | |||||
Japan Inc. | +0.475％ | 2022 | to be | 2028 | nt at | Unguara | ||||||
Resona Bank, Limited. | 200 | concluded | maturity | nteed | ||||||||
on July 27, | ||||||||||||
2022. with | ||||||||||||
Bank, Ltd. | 100 | |||||||||||
Total | 1,200 | ― | ― | ― | ― | ― | ― | |||||
(Note 1) For details of CRE REIT's green financing (including green loans), please refer to "Green Finance" page of the website of CRE REIT (https://cre-reit.co.jp/en/esg/greenfinance.html).
(Note 2) The loan syndicate is to consist of the following lenders: Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Development Bank of Japan Inc., Resona Bank, Limited, and The Nishi-Nippon City Bank, Ltd. The arranger is Sumitomo Mitsui Banking Corporation.
(Note 3) The base interest rate is the three-month Japanese yen TIBOR (quoted on a 365-day basis) published by the JBA TIBOR Administration for a period corresponding to the interest calculation period at 11:00 am, two business days prior to the immediately preceding interest payment date of each interest payment date (the first interest payment date is the drawdown date). However, if there is not a rate corresponding to the relevant period, the base interest rate will be determined based on the method stipulated in the contract. Details on the JBA Japanese TIBOR can be checked via the administration'swebsite (https://www.jbatibor.or.jp/english/).Notethatcommissions and feespaid to the above lenders are not included.
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２．Reason for the Borrowings
The Borrowings is to provide for funds to repay the following loans payable of 2,400 million yen that are to become due on July 29, 2022. The difference of 1,200 million yen will be repaid with own funds.
Cate | Lender | Loan amount | Drawdown date | Repayment date | |||||||
gory | (million yen) | ||||||||||
termLong- | Sumitomo Mitsui Banking Corporation | 750 | |||||||||
Mizuho Bank, Ltd. | 600 | ||||||||||
loans | |||||||||||
Development Bank of Japan Inc. | 450 | July 31, 2018 | July 29, 2022 | ||||||||
payable | Resona Bank, Limited. | 400 | |||||||||
The Nishi-Nippon City Bank, Ltd. | 200 | ||||||||||
Total | 2,400 | ― | ― | ||||||||
３．Amount, use and scheduled disbursement date of funds | ||||||||||
（１）Amount of funds to be procured | ：1,200 million yen | |||||||||
（２）Specific use of funds to be procured | ：Funds to repay the existing loans payable | |||||||||
（３）Scheduled disbursement date | ：July 29, 2022 | |||||||||
４．Status of loans, etc. after the Borrowings | ||||||||||
(million yen) | ||||||||||
Before the | After the | Increase or decrease | ||||||||
Borrowings | Borrowings | |||||||||
Short-term loans payable | ― | ― | ― | |||||||
Long-term loans payable (Note) | 57,869 | 56,669 | -1,200 | |||||||
Total loans payable | 57,869 | 56,669 | -1,200 | |||||||
Investment corporation bonds | 4,000 | 4,000 | ― | |||||||
Total interest-bearing debt | 61,869 | 60,669 | -1,200 | |||||||
(Note) Long-term loans payable includes the current portion of loans payable within one year from today.
５．Future outlook
The impact of this matter is immaterial, and it was reflected in the results forecasts for the fiscal period ending December 31, 2022, announced today in the "Notice Concerning Revision of Forecasts of Operating Results for the Fiscal Period ending December 31, 2022".
６．Other matters necessary for investors to understand and assess this information properly
The risks related the Borrowings have not changed significantly from those stated in "Part 1: Information on the Fund, 1. Situation of the Fund, (3) Investment risk" of the securities report on March 30, 2022.
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CRE Logistic REIT, Inc. website: https://cre-reit.co.jp/en/
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