Daiwa House REIT Investment (TYO:8984) has secured a new long-term 4.0 billion yen loan to refinance an existing debt of equivalent amount, according to its Tokyo bourse filing on Friday.
The new unsecured loans, borrowed from four major Japanese banks, carry a floating rate of JBA 1-month yen TIBOR plus a 0.175% spread and have a 4.5-year term maturing in August 2030.
The lenders - Sumitomo Mitsui Trust Bank, Sumitomo Mitsui Banking, MUFG Bank and Mizuho Bank - will each provide 1 billion yen in financing to the REIT.
Following the transaction, the REIT's total interest-bearing debt will remain unchanged at approximately 407.95 billion yen.