April 12, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Officer(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato
President and CEO
Contact:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Debt Financing (Refinancing)Star Asia Investment Corporation (“SAR”) announces today that it has decided to execute debt financings (the“Debt Financing” or “Refinancing”) as described below.
1.

Details of the Debt Financing (Note 1)
Method of Borrowings: Borrowings under individual term loan agreements scheduled to be signed on
April 18, 2024 with the lender described below.

Term(Note 2)

LenderBorrowingamountInterest Rates

Expected(Note 4)

Date of(Note 5)

Borrowings

Principal
Repayment

Repayment

DateMethod

Security(Note 6)

A syndicate ofBaselenders with
Sumitomo MitsuiLong-term

Bankingborrowings

Corporation andMizuho Bank, Ltd.
as arrangers

interest

8,000
millionyen

FloatingrateApril 22,

April 30,

(JPY 3M

20242030

TIBOR)＋0.70 %

Lump sum
repaymenton
principal
repaymentdate(Note 7)

UnsecuredandUnguaranteed(Note 3)(Note 1) This information is based on the notice on results of consideration regarding the Debt Financing issued by thearrangers. However, it does not guarantee that the actual financing will be conducted as described above,
because the lenders should go thorough financing examination.
(Note 2) Borrowings with a repayment period of 1 year or less are classified as “short-term” and borrowings withrepayment periods exceeding 1 year are classified as “long-term”. The same applies below.
(Note 3) The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui
Trust Bank, SBI Shinsei Bank, Limited, Aozora Bank, Ltd., Resona Bank, Limited., and Mizuho Trust & BankingCo., Ltd.
(Note 4) The first interest payment date is June 28, 2024, and thereafter, interest payment dates are the last day of every
3-months and the principal repayment date. However, if such date is a non-business day, the interest payment
date shall be the immediately following business day, or if such date falls in the next month, the interest payment
date shall be the immediately preceding business day. For borrowings with floating interest rates, the baseinterest rate applicable to the calculation period for payment of interest on any given interest payment date is1the Japanese Yen TIBOR for 3 months as announced by JBA TIBOR Administration at 11 a.m. (Tokyo time, thesame applies hereinafter) or at the point of time after 11 a.m. and as close to 11 a.m. as possible, on the date
which is two business days prior to the immediately preceding interest payment date (or two business days before
the drawdown date for the first interest payment date). However, if no interest rates are found for thecorresponding interest calculation period, the base interest rate for the relevant period shall be calculated basedon the method set forth in the individual term loan agreement. For Japanese Yen TIBOR announced by the JBA
TIBOR Administration which is used as the base interest rate, please check with the JBA TIBOR Administration
website (https://www.jbatibor.or.jp/english/rate/) Concerning the Debt Financing, SAR may consider fixing theinterest payments by entering into interest rate swap agreements, etc.
(Note 5) Financing fees and other charges payable to the lenders are not included.
(Note 6) If a principal repayment date is not a business day, repayment shall be made on the next business day; however,
if such date falls on the next month, repayment shall be made on the immediately preceding business day.
(Note 7) If certain conditions, such as advance notification in writing by SAR, are satisfied during the period between thedate of execution of the Debt Financing and the principal repayment date, SAR may prepay the borrowed amounts
either in whole or in part prior to maturity.
(Note 8) Certain financial covenants, such as stipulating that certain financial figures should be maintained based on assets
and liabilities, are expected to be established for the Debt Financing.

2.

Reason for the Debt Financing
The proceeds from the Debt Refinancing will be appropriated to the repayment of the 8,000 million yen
long-term borrowing to mature on April 22, 2024. For details, please refer to the press release announcedby SAR dated April 12, 2019 entitled “Notice Concerning Debt Financing (Refinancing)”.

3.

Total amount of funds to be procured by the Debt Financing, use of funds and schedule of expenditures
I. Amount of funds to be procured
Total 8,000 million yen
II.

Specific use of funds to be procured and schedule of expenditures
AmountSpecific use of funds
To be allocated to repayment of the existing loans
stated in Section 2 above.

4.

Scheduled date ofExpenditure

8,000 million yen

April 22, 2024

Status of Borrowings etc. after the Refinancing(Unit: million yen)

Short-term borrowings
Long-term borrowings
Total borrowings
Investment corporation bonds
Total of borrowings andinvestment corporation bonds
5.

Before theRefinancing
1,300
120,840
122,140
1,000

After theRefinancing
1,300
120,840
122,140
1,000

123,140

123,140

Increase/Decrease－－－－－

Future outlook
The impact of the Refinancing on SAR’s operating results is immaterial, and there are no changes to theforecasts of operating results for the fiscal period ending July 31, 2024 (February 1, 2024 to July 31,2024) and ending January 31, 2025 (August 1, 2024 to January 31, 2025) which were announced by SAR

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in the “Financial Report for Fiscal Period Ended January 31, 2024” on March 15, 2024.
6.

Other matters required for investors to appropriately understand the relevant information and makedecisions
Concerning the risks related to Refinancing, there are no changes to the contents described in “Part I:
Fund Information / Section 1 - Status of the Fund / 3. Investment Risks” of the Securities Reportsubmitted on October 30, 2023.
* Star Asia Investment Corporation website address: https://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated April 12, 2024.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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