Tokyu Reit, Inc. TSE:8957
Tokyu REIT : Notice Concerning Short-Term Debt Financing
Source: MarketScreener
March 17, 2022
Real Estate Investment Trust Unit Issuer:
TOKYU REIT, Inc.
1-12-1, Dogenzaka,
Shibuya-ku, Tokyo, 150-0043, Japan
Kazuyoshi Kashiwazaki
Executive Director
(Securities Code: 8957)
Investment Management Company:
Tokyu Real Estate Investment Management Inc.
Representative:
Kazuyoshi Kashiwazaki
Representative Director & President, Chief Executive Officer
Inquiries:
Yuji Shimizu
General Manager, Finance and IR
TEL: +81-3-5428-5828
Notice Concerning Short-Term Debt Financing
Based on the commitment line agreement concluded with three banks, TOKYU REIT, Inc. ("TOKYU REIT") today announced its decision to undertake short-term debt financing. Brief details are as follows.
1. Debt Financing （1）Rationale
TOKYU REIT will undertake debt financing for the procurement of part of funds for acquisition of domestic real estate (Meguro Higashiyama Building) (Note 1) and incidental expenses.
(Note 1) For details of the acquisition, please refer to the press release titled, "Notice Concerning Acquisition (Meguro Higashiyama Building) of Domestic Real Estate" separately announced today.
（2）Details of Debt Financing
Classification | Short-Term Debt (Commitment Line) | |||
Lender | MUFG Bank, Ltd. | Sumitomo Mitsui Trust | Mizuho Bank, Ltd. | |
Bank, Limited. | ||||
Debt | ¥400 million | ¥1,400 million | ¥200 million | |
Financing Amount | ||||
Interest Rate | Yet to be determined (Note 2) | |||
Borrowing Method | Lump-sum repayment on maturity | |||
Drawdown Date | March 24, 2022 | |||
Maturity Date | April 1, 2022 | |||
Collateral | Unsecured, unguaranteed | |||
Financing Fee | None |
(Note 2) The applicable interest rates will be announced as soon as they are determined.
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2. Total Debt After Additional Debt Financing
Debt Balance Prior to | Debt Balance after | ||
Additional Debt | Additional Debt | Change | |
Financing | Financing | (¥ millions) | |
(¥ millions) | (¥ millions) | ||
Short-Term Debt Financing | 0 | 2,000 | +2,000 |
Long-Term Debt Financing | 85,000 | 85,000 | - |
Total Debt Financing | 85,000 | 87,000 | +2,000 |
Investment Corporation | 8,000 | 8,000 | - |
Bonds | |||
Interest-Bearing Debt | 93,000 | 95,000 | +2,000 |
3. Others
Regarding the loan repayment risk, there is no change to the "Investment risks" of the latest securities report submitted on October 29, 2021.
This notice may contain forward-looking statements, such as current plans, strategies, and future performance. These forward-looking statements are based on judgments obtained from currently available information. Please be advised that, for a variety of reasons, actual results may differ materially from those discussed in the forward-looking statements. Events that might affect actual results include, but are not limited to, fluctuations of the real estate market in Japan, general conditions of the Japanese economy, competitive pressures and relevant regulations.
This notice is a translation of the original document in Japanese and is prepared solely for the convenience of non-Japanese speakers. There is no assurance as to the accuracy of the English translation. The original Japanese notice shall prevail in the event of any discrepancies between the translation and the Japanese original.
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