Mitsui Fudosan Accommodations Fund Refinances Debt with New Yen 7 Billion Borrowings
Mitsui Fudosan Accommodations Fund Inc., a Japanese real estate investment trust focused on accommodation-related assets, has refinanced its debt by arranging new borrowings totaling 7.0 billion yen from MUFG Bank and a syndicated loan led by Sumitomo Mitsui Banking Corporation.
The borrowings have terms ranging from one to ten years and interest rates linked to JBA Japanese yen TIBOR. The proceeds will be used to refinance existing loans maturing at the end of September 2026, slightly reducing total interest-bearing debt and maintaining a high long-term debt ratio.
The total interest-bearing debt will decline from 175.7 billion yen to 174.7 billion yen, and the interest-bearing debt ratio will edge down to 54.6%, while the long-term interest-bearing debt ratio stays at 98.9%.