December 28, 2021
FOR IMMEDIATE RELEASE
Company Name: Polaris Holdings Co., Ltd.
Representative: Atsuo Umeki, President and Representative Director
Stock Listing: Tokyo Stock Exchange, Second Section
Stock Code: 3010
Inquiries: Satoshi Hosono, Director and CFO (TEL: 03-5822-3010)
Polaris Closes Purchase of Central Sapporo Hotel Along with Attractive Bank
Financing
Polaris Holdings Co., Ltd. (hereinafter, "Polaris" or the "Company") announced today that Tenjin Hotel Management LLC, the Company's consolidated subsidiary, consummated a new 5-year loan agreement (hereinafter, the "Agreement") with the Tokyo Branch of Deutsche Bank AG (hereinafter, "Deutsche Bank"). "") The loan was in the amount of JPY2.5 billion which was used to quickly close on the opportunistic purchase of the Fino Hotel Sapporo Odori(hereinafter, "Fino Sapporo" or the "Property").
1. Summary
Polaris completed the acquisition of the Property and is now the owner and operator of the Property consistent with the Company's business strategy to take advantage of opportunities during the current dislocated hospitality environment. Tenjin Hotel Management LLC will utilized the JPY2.5 billion additional financing from Deutsche Bank to help generate attractive investment returns for the Company. . Tenjin Hotel Management LLC will also enter into a property level asset management agreement with Star Asia Asset Advisors, an affiliate of Star Asia Group (hereinafter, "SAAA"), to manage the TBI as well as the asset manage the Property.
2. Outline of the Agreement
(i) | Lender | Tokyo Branch of Deutsche Bank Aktiengesellschaft (Deutsche Bank) | ||||
(ii) | Borrowing amount | JPY2.5 billion | ||||
(iii) | Term | December 28, 2021 to December 30, 2026 | ||||
(iv) | Establishment of | Yes | ||||
collateral rights | ||||||
3. (4) Outline of counterparty | ||||||
(i) | Name | Tokyo Branch of Deutsche Bank Aktiengesellschaft (Deutsche Bank) | ||||
(ii) | Address | Sanno Park Tower, 2-11-1Nagata-cho,Chiyoda-ku, Tokyo | ||||
(iii) | Positions and names | Representative and Manager of Tokyo | ||||
of representatives | Branch: Tamio Honma | |||||
Business descriptions | Deutsche Bank's operation base in Japan Provision of foreign exchange | |||||
(iv) | services, cash management, overall corporate banking services including | |||||
foreign trade financing, real estate financing, agent services, etc. | ||||||
(v) | Date of establishment | June 22, 1971 | ||||
(vi) | Relationship between | Capital | Not applicable | |||
relationship | ||||||
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the Company and this | Human | Not applicable | ||||||
company | relationship | |||||||
Business | Not applicable | |||||||
relationship | ||||||||
Applicability | to | Not applicable | ||||||
related parties | ||||||||
4. | Schedule | |||||||
(i) | D a t e | o f | Dec 24, 2021 | |||||
a g r e e m e n t | ||||||||
(ii) | I m p l e m e n t a t i o n | Dec 28, 2021 | ||||||
d a t e | o f | t h e | ||||||
b o r r o w i n g | ||||||||
5. | Outlook |
The Group has decided to postpone disclosure of its consolidated forecast due to the current difficulty of reasonably forecasting the impact of the COVID-19 pandemic on the Group's business activities in the fiscal year ending March 31, 2022. The Group will promptly announce the forecast as soon as disclosure becomes possible.
NOTE: This is an English translation summary of the Company's announcement in Japanese. No assurances or warranties are given for completeness or accuracy of this English translation summary.
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