April 15, 2022
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 financing (the“Debt Financing”), as described below.
1.

Details of the Debt Financing
Method of Borrowings: Borrowings under individual term loan agreements from the lenders described below.
(Scheduled contract date: April 18, 2022)

Term(Note 2)

Lenders

BorrowingamountSumitomo Mitsui
Banking
Corporation

500
million yen

Interest rate
(Note 4)

Floating
Mizuho Bank, Ltd.
Long-termborrowings(Note 1)

A syndicate oflenders with
Sumitomo Mitsui
Banking
Corporation andMizuho Bank, Ltd.
as arrangers(Note 3)500
million yen

Expected
Date ofborrowing

Base interestrate(JPY 3M
TIBOR）

Principal
RepaymentDate(Note 7)

Lump sum
repayment on
principal
repaymentdate(Note 8)

UnsecuredandUnguaranteed

2023+0.20%(Note 5)

Fixed

Security

April 28,

April 20,
2022

3,150
million yen

Repayment
method(To bedetermined)(Note 6)

May 31,
2027

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 need to go through prescribed screening procedures.

(Note 2)

Borrowings with a repayment periods exceeding 1 year are classified as “long-term”.

(Note 3)The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Shinsei Bank,Limited., Sumitomo Mitsui Trust Bank, Limited., Aozora Bank, Ltd., and Resona Bank, Limited, .

(Note 4)

Financing fees and other charges payable to the lenders are not included.

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(Note 5)

The first interest payment date is May 31, 2022, and thereafter, interest payment dates shall fall on the last dayof each 3 month, and on the principal repayment date. However, if such day is a non-business day, the interestpayment date shall be the immediately following business day, or if such day falls in the next month, the interest
payment date shall be the immediately preceding business day. For Japanese Yen TIBOR announced by the JBA
TIBOR Administration which is used as the base interest rate, please confirm in the JBA TIBOR Administration
website (http://www.jbatibor.or.jp/).

(Note 6)

These interest rates will be determined on or before the anticipated borrowing date based on the individual termloan agreements expected to be signed on April 18, 2022. The interest rates will be announced as soon as theyare determined. These first interest payment date is May 31, 2022, and thereafter, interest payment dates shall
fall on the last day of every 3 months and on the principal repayment date. However, if such day is a non-businessday, the interest payment date shall be the immediately following business day, or if such day falls in the next
month, the interest payment date shall be the immediately preceding business day.

(Note 7)

If the principal repayment date is not a business day, repayment shall be made on the next following business
day; however, if such date falls in the next month, repayment shall be made on the immediately precedingbusiness day.

(Note 8)

If certain conditions, such as advance notification in writing by SAR, are met during the period between the dateof borrowing and the principal repayment date, SAR may prepay the borrowed amounts either in whole or in partprior to maturity.

(Note 9)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 repayment of JPY 4,150 million longterm loan referred to in the announcement made on March 30, 2017 entitled “Notice Concerning DebtFinancing” due for repayment on April 20, 2022. (The Debt Financing and the repayment of the existing
borrowings shall hereinafter be referred to collectively as the “Refinancing”.)

3.

Total amount of funds to be procured by the Debt Financing, use of funds and schedule of expenditure(1) Amount of funds to be procured
JPY 4,150 million in total(2) Specific use of funds to be procured and schedule of expenditureSpecific use of funds
AmountTo be allocated to repayment of the existing
4,150 million yenborrowings stated in Section 2 above.

4.

Schedule of Expenditure
April 20, 2022

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

500
88,14088,6401,000
89,6402

After theRefinancing
500
88,14088,6401,000
89,640Change－－－－－

5.

Future Outlook
The impact of the Refinancing on the forecast of operating results for the fiscal period ending July 31,2022 (February 1, 2022 to July 31, 2022) and the fiscal period ending January 31, 2023 (August 1, 2022 toJanuary 31, 2023) has already been refelected in the “(REIT) Financial Report for Fiscal Period Ended
January 31, 2022” which SAR announced on March 16, 2022.

6.

Other matters required for investors to appropriately understand and evaluate the above information
Concerning the risks pertaining to the repayment of the Debt Financing, 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, 2021.
* Star Asia Investment Corporation website address: http://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated April 15, 2022. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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