Tokyu REIT Secures 2.5 Billion Loan to Repay Debt

MT Newswires Live05-21 17:46

Tokyu REIT (TYO:8957) secured a long-term debt financing of 2.5 billion yen from Sumitomo Mitsui Trust Bank to repay long-term debt maturing on May 25, according to a Tokyo bourse filing on Thursday.

The new loan carries a floating interest rate of JBA three-month Japanese Yen TIBOR plus 0.36%, with a maturity date of May 25, 2031.

The existing 3 billion yen fixed-rate loan at 0.62630%, drawn on May 25, 2022, will be fully repaid on its maturity date using the new financing and cash on hand.

Following the transaction, total interest-bearing debt will decrease by 500 million yen to 104.5 billion yen, with long-term debt settling at 93.5 billion yen from 94 billion yen.

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