Comforia Residential REIT (TYO:3282) has secured two new long-term loans totaling 7.06 billion yen to refinance maturing debt, according to its Tokyo bourse filing on Thursday.
The first loan is a 4.09 billion yen facility from a consortium of four major banks - MUFG Bank, Mizuho Bank, Sumitomo Mitsui Trust Bank, and Sumitomo Mitsui Banking- with a variable interest rate and an eight-year term.
The second loan, a 2.97 billion yen facility from the Development Bank of Japan, has a three-year term and a fixed interest rate to be determined.
The proceeds will be used to repay 7.06 billion yen in existing loans that are due on Jan. 30, with the new funds drawn down on the same date.
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