April 26, 2023
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
Method of Borrowings: Borrowings under individual term loan agreements signed on April 26, 2023 withthe lenders described below.

Term(Note 1)

Lenders

Borrowingamounts

Interest Rates

Expected(Note 2)

Date of(Note 3)

Borrowings

Principal
Repayment

Repayment

Date

MethodSecurity(Note 4)

Base
Sumitomo Mitsui

500

Banking

millionCorporationinterest
Floating

yenrate(JPY 3M
TIBOR)

Long-term＋0.20 %

borrowings

Basemillionyen

April 30,2024

interest

500
Mizuho Bank, Ltd.

April28, 2023

FloatingrateLump sum
repayment onprincipalrepayment
date(Note 5)

UnsecuredandUnguaranteed(JPY 3MTIBOR)＋0.20 %

(Note 1) 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 2) Financing fees and other charges payable to the lenders are not included.
(Note 3) The first interest payment date is July 31, 2023, 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 isthe Japanese Yen TIBOR for 3 months as announced by JBA TIBOR Administration at 11 a.m. (Tokyo time, the1same 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 (http://www.jbatibor.or.jp/english/rate/)(Note 4) 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 5) If certain conditions, such as advance notification in writing by SAR, are satisfied during the period between thedate of borrowing and the principal repayment date, SAR may prepay the borrowed amounts either in whole orin part prior to maturity.
(Note 6) 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 1,000 million longterm borrowing to mature on April 28, 2023. For details, please refer to the press release announced by
SAR Corporation dated April 15, 2022 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 1,000 million yen
II.

4.

Specific use of funds to be procured and schedule of expenditures
Specific use of funds

Amountmillion yen

Scheduled date ofExpenditure

To be allocated to repayment of the existing loans stated in
Section 2 above.

1,000April 28, 2023

Status of Borrowings etc. after the Refinancing(Unit: million yen)
Before theRefinancing
Short-term borrowings
Long-term borrowings
Total borrowings
Investment corporation bonds
Total of borrowings andinvestment corporation bonds

5.

After theRefinancing

Increase/Decrease－
95,84095,8401,000－
95,84095,8401,000－－－－

96,84096,840－Future outlook
The impact of the refinancing on the on the forecast of operating results for the fiscal period ending July
31, 2023 (February 1, 2023 to July 31, 2023) and the fiscal period ending January 31, 2024 (August 1, 2023
to January 31, 2024) has already been reflected in the “(REIT) Financial Report for Fiscal Period Ended
January 31, 2023” which SAR announced on March 16, 2023.

26.

Other matters required for investors to appropriately understand and evaluate the above information
In conjunction with the risks related to the refinancing, there are no changes to “Part 1. Fund
Information, I. Overview of the Fund, 3. Investment Risks” stated in the securities report (Japanese only)
submitted on October 28, 2022.
* Star Asia Investment Corporation website address: https://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated April 26, 2023.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

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