Sign In
28 Aug 2013 07:00
28 August 2013
Japan Residential Investment Company Limited
(the "Company")
Drawdown of Debt Financing
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as the "Fund".
Further to the Company's announcement of 27 August 2013, the Fund is pleased to announce the drawdown of the ¥7,260 million (£47.34 million) of debt refinancing loans from Mizuho Bank, Ltd. ("Mizuho"). The loans carry a floating interest rate, currently 0.59% per annum. Commencing October 2013, the interest rate will be calculated as a 40bps premium over the 3-month yen TIBOR.
In conjunction with this drawdown, the Fund has repaid all previous debt outstanding to Mizuho Corporate Bank and Mizuho Trust & Banking Corporation which was scheduled to mature in December 2013 and January 2014 respectively. These loans totalled ¥5,909m (£38.53 million) and had a blended average interest rate of 2.32%.
Net proceeds from the drawdown of the refinancing loans will be used to fund new property acquisitions.
Enquiries:
KK Halifax Management Limited Manager
| Edward Barrow | +65 6593 8904 |
KK Halifax Asset Management Investment Adviser
| Alec Menikoff | +81 (0)3 5563 8771 |
Smith & Williamson Corporate Finance Limited Nominated Adviser
| Azhic Basirov David Jones | +44 (0)20 7131 4000 |
Liberum Capital Limited Joint Broker
| Richard Bootle | +44 (0)20 3100 2222 |
Westhouse Securities Limited Joint Broker
| Alastair Moreton Darren Vickers | +44 (0)20 7601 6100 |
JRIC.L (JRIC)
Follow the stocks
