Nippon Prologis REIT (TYO:3283) secured 2 billion yen in long-term debt from Resona Bank and fixed the interest rate through a swap agreement with Mizuho Securities (TYO:8411), effective May 1, according to a Monday filing on the Tokyo Stock Exchange.
The unsecured and non-guaranteed loan, which carries an interest rate of one-month TIBOR plus 20 basis points, matures on Oct. 31, 2031.
Nippon Prologis REIT said the swap deal fixes the effective interest rate at 1.4035%.
Proceeds will refinance part of an 11 billion yen short-term loan due Dec. 2. After the transaction, Nippon Prologis' short-term borrowings will fall to 5 billion yen, while long-term debt will rise to 314.5 billion yen. Total debt remains unchanged at 319.5 billion yen.
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