Japan Logistics Fund (TYO:8967) has secured 6 billion yen in new loans to refinance existing borrowings due Feb. 28, according to a Tuesday filing on the Tokyo Stock Exchange.
The financing, provided by Sumitomo Mitsui Banking, consists of three tranches of 2 billion yen each. One tranche carries a 5.5-year term at a fixed rate to be determined, while the other two have terms of eight years and nine years at one-month JPY TIBOR plus 0.4% and 0.39%, respectively. The loans are unsecured and non-guaranteed, with lump-sum repayment at maturity.
Proceeds will be used to repay 6 billion yen in loans maturing at the end of February. Following the refinancing, total interest-bearing debt will remain unchanged at 121.32 billion yen.