Trial (TYO:141A) has finalized a syndicated term loan agreement with MUFG Bank as arranger to refinance the 317.4 billion yen bridge loan used for its July 2025 acquisition of Seiyu, according to a Tokyo bourse filing on Wednesday.
The new facility consists of a 317.4 billion yen term loan and an additional 50 billion yen tranche, both with 10-year repayment periods and unsecured terms, featuring equal quarterly principal repayments starting in September.
The agreement includes financial covenants requiring net assets to remain above 75% of the previous fiscal year's level and prohibiting operating losses for two consecutive periods.
The company expects to record approximately 5.5 billion yen in arrangement fees as non-operating expenses for fiscal 2026, though this has already been factored into its earnings forecast, with plans to hedge interest rate risks through swap transactions.