Advance Residence Investment (TYO:3269) has secured debt financing totaling 3.05 billion yen from two lenders to repay existing debts, according to a Tokyo bourse filing on Monday.
Sumitomo Mitsui Banking Corp. will provide the REIT a 1.55 billion seven-year loan at a base rate plus 0.16% interest, while SBI Shinsei Bank will lend another 1.5 billion yen 8.5-year loan at an unfxed rate.
The funds, with a drawdown date of April 30, will be used to repay a maturing loan of 1.55 billion yen and to fully prepay a 1.5 billion yen in outstanding short-term borrowings under a commitment line agreement.
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