March 16, 2021
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 FinancingTerm(Note 1)

LenderSumitomo Mitsui
BankingCorporation

Borrowingamount(Note 1)

Date ofborrowing

Borrowing method

March 22,
2021

Borrowing based on
the individual termloan agreement
expected to bedated March 16,2021 based on thebasic agreement
dated July 29, 2020
with Sumitomo
Mitsui Banking
Corporation asagent.

830
million yen
Baseinterestrate(JapaneseYen 1M
TIBOR）

Short-termborrowingMizuho Bank, Ltd.

Interestrate(Note 2)(Note 3)830
million yen+0.20%

Principal
Repayment Date(Note 4)

Repayment
methodSecurityApril20, 2021

Lump sumrepayment
onprincipal
repayment
date(Note5)

UnsecuredandUnguaranteed

Short-term borrowing refers to borrowings due within one year. The same applies hereinafter for short-termborrowings.

(Note 2)Financing fees and other charges payable to the lenders are not included.

(Note 3)The interest payment date is the Principal Repayment Date. For borrowings with floating interest rates, the baseinterest rate applicable to the calculation period for payment of interest on any given interest payment date is theJapanese Yen TIBOR for 1 month as announced by JBA TIBOR Administration at 11 a.m. (Tokyo time, the same
applies hereinafter) or at a point of time after 11 a.m. and as close to 11 a.m. as possible on the date which is twobusiness days prior to the date of borrowing. 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/).

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(Note 4)

If the 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 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 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.

Reasons for the Debt Financing
The proceeds from the Debt Refinancing will be appropriated to repayment of a total of JPY 1,660 million
in debt, consisting of the long-term loan referred to in the announcement on March 2, 2020 entitled “NoticeConcerning Debt Financing” due for repayment on March 22, 2021 (The Debt Refinancing and the repaymentof the existing loan shall hereinafter be referred to as the “Refinancing”.)

3.

Total amount of funds to be procured by the Debt Financing, use of funds and schedule of expenditures(1) Amount of funds to be procured1,660 million yen in total(2) Specific use of funds to be procured and schedule of expenditures4.

Specific use of funds

Amountmillion yen

Schedule ofExpenditures

To be allocated to repayment of the existing loan stated inSection 2 above.

1,660

March 22, 2021

Status of Borrowings etc. after the Refinancing

Short-term borrowings
Long-term borrowings
Total borrowings
Investment corporate bonds
Total borrowings and Investment corporation bonds
Other interest-bearing liabilities
Total interest-bearing liabilities

Before theRefinancing
2,150
80,29082,440―82,440―82,440(Unit: million yen)
After theChange
Refinancing
3,810
1,660
78,630-1,66082,440―――82,440―――82,440―5.

Future Outlook
The impact of the Refinancing on the operating results is insignificant, and the impact on the forecast ofoperating results for the fiscal period ending July 31, 2021 (February 1, 2021 to July 31, 2021) and the fiscal
period ending January 31, 2022 (August 1, 2021 to January 31, 2022) which was announced by SAR in the“(REIT) Financial Report for Fiscal Period Ended January 31, 2021” dated March 16, 2021 is minimal, and there
are no changes to the forecast.

6.

Other matters required for investors to appropriately understand and evaluate the above information.
In conjunction with 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 (Japaneseonly) submitted on October 28, 2020.

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* Star Asia Investment Corporation website address: http://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated March 16. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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