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Japan Hotel REIT Investment Secures New Term Loans

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Japan Hotel REIT Investment (TYO:8985) has secured a new term loan amounting to 4.9 billion yen, according to a Tokyo bourse filing on Thursday.

The unsecured loan has an interest rate of 0.30% on top of a base rate and maturity date of Sept. 28, 2029.

Sumitomo Mitsui Banking, Mizuho Bank and MUFG Bank were the lenders.

The REIT will use the loan to partially fund the capital expenditures for renovation of Hilton Tokyo Odaiba.

In addition, the company undertook two unsecured term loans worth 4.25 billion yen and 700 million yen, respectively, to refinance existing loans due on Sept. 30.

Both loans have interest rates of 0.45% on top of a base rate and maturity date of Sept. 30, 2032.

Sumitomo Mitsui Banking, Mizuho Bank, SBI Shinsei Bank and Resona Bank were the lenders for the 4.25 billion yen green loan, while MUFG Bank, Aozora Bank and Kansai Bank were the syndicate for the 700 million yen borrowing.

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