Japan Metropolitan Fund Refinances Debt with New Loans

The Japan Metropolitan Fund has extended its ¥5.35 billion debt by refinancing it with new loans, pushing its next principal repayments out to 2033, 2034, and 2036.

This move replaces the original debt that was due on July 31, replacing it with a syndicated package of 7- to 10-year floating-rate loans from several regional and trust banks.

The new loan structure has its interest costs tied to one-month Japanese yen TIBOR, a common reference rate in Japan's loan market that resets frequently.