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Fukuoka REIT gets a ¥4.9 billion syndicated sustainability-linked loan
By Mary-Katherine Stinson
Lexington, Ky., Aug. 23 – Fukuoka REIT Corp. announced a ¥4.9 billion syndicated sustainability-linked loan provided by three sponsor banks of Fukuoka REIT’s asset manager Fukuoka Realty Co., Ltd., according to an announcement.
The loan will be sponsored by the Development Bank of Japan Inc., Nishi-Nippon City Bank, Ltd. and the Bank of Fukuoka, Ltd. and is to be repaid in a lump sum on Aug. 31, 2032.
The notice stated the interest rate would be announced when determined.
If the sustainability performance target of a 35% reduction in CO2 emissions compared with fiscal 2019 by fiscal 2030 is achieved, the loan will offer a preferential interest rate from the interest rate determined at the time of borrowing from August 2031 until the repayment date.
The purpose of the new sustainability-linked loan is to refinance the corporation’s existing debt due Aug. 31, 2022.
Specifically, the loan will refinance the corporation’s ¥500 million of short-term debt from Nishi-Nippon, Resona Bank, Ltd., Oita Bank, Ltd., Bank of Nagasaki, Ltd. and Bank of Saga, Ltd. announced on July 19.
The new loan will also refinance the corporation’s long-term debt: ¥4 billion of debt from the Development Bank of Japan announced Aug. 19, 2014 and ¥400 million of debt from the Bank of Fukuoka disclosed on Aug. 26, 2015.
Development Bank of Japan Inc. is the sustainability coordinator for the new loan.
Japan Credit Rating Agency, Ltd. provided a third-party opinion on the compatibility with the sustainability-linked loan principles and the Ministry of the Environment’s sustainability-linked loan guidelines.
Fukuoka established its sustainability policy in January 2018.
Fukuoka is a real estate investment trust based in Fukuoka City, Japan.
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