Ichigo Preserves and Improves Real Estate[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

September 15, 2017
IssuerIchigo Office REIT Investment Corporation (8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4891

Bond Issuance
Ichigo Office REIT today decided to issue JPY 1.2 billion of bonds pursuant to its board
resolution on May 29, 2017 in order to diversify and extend the maturity of its
borrowings.
1. Bond Details
Name
Total Issue AmountForm of Bond Certificate
Issue Price
Redemption Price
Interest Rate
Bond Denomination Amount
Offering Method
Subscription Period
Payment Date
Collateralized
Redemption Date and Method

Interest Payment Date

Credit Rating
Financial Covenants

Ichigo Office REIT First Unsecured Investment
Corporation Bonds (Ranking pari passu among
Ichigo Office REIT investment corporation bonds)
JPY 1.2 billion
Pursuant to the Act on Book Entry of Corporate
Bonds and Shares, bond certificates will not beissued.
Par (JPY 100)
Par (JPY 100)
0.90% p.a.
JPY 100 million
Public Offering
September 15, 2017
September 22, 2017
No
Lump sum redemption on September 22, 2027.
The bonds may be purchased and cancelled at any
time on and after the date following the payment
date unless otherwise stipulated by the depository.
March 22 and September 22 every year (the firstpayment date will be March 22, 2018). If apayment date is not a business day, payment shallbe made on the previous business day.
A- Japan Credit Rating Agency (JCR)
Subject to negative pledge clause1Depository
Fiscal, Issuing, and Paying Agent
Underwriters

Japan Securities Depository CenterSMBCSMBC Nikko Securities, Mizuho Securities,
Mitsubishi UFJ Morgan Stanley Securities,
Daiwa Securities

2. Reason for Bond Issuance
To diversify and extend the maturity of Ichigo Office REIT’s borrowings.
3. Total Amount to be Raised and Use and Timing of Proceedsa. Amount of Estimated Net Proceeds
JPY 1.184 billion
b. Use of Proceeds and Scheduled Expenditure Dates
The proceeds will be used for principal repayment of existing loans. Ichigo Office REIT
will announce the details of the repayment as soon as they are available.
(1) Early repayment (JPY 700 million) of a loan maturing October 31, 2017 (scheduledrepayment date September 27, 2017).
(2) Repayment of loans (JPY 180 million in total) with maturities between October 31,
2017 and September 22, 2018.
(3) The remaining proceeds will be used for partial early repayment of loans maturing
March 31, 2020 (scheduled repayment date October 31, 2017).
4. Outstanding Loan and Bond Balance (as of September 22, 2017)(JPY million)

BeforeBond Issuance
(A)

After
Bond Issuance(B)

Short-term bank loans–––

Long-term bank loans(due within one year)

12,767

12,767–Long-term bank loans

90,481

90,481–

Total bank loans

103,248

103,248

–

–

1,200

+1,200103,248

104,448+1, 200

Other interest-bearing liabilities–––

Total interest-bearing liabilities

103,248

104,448+1,200

Bonds
Total bank loans and bonds

2Change(B) - (A)5. OtherRisks related to this bond issuance remain unchanged from the “Investment Risks”
described in the latest Financial Report submitted on July 25, 2017.

Reference: Distribution of Loan and Bond Maturities (as of September 22, 2017)(JPY million)
Long-term bank loans
Investment corporation bonds
9,563

8,938
6,867

9,574

10,233

9,639

9,629

9,633

9,623

7,263

4,549
3,000700

Oct
2017

Apr2018

Oct2018

Apr2019

Oct2019

Apr2020

Oct2020

Apr2021

Oct2021

Apr2022

Oct2022

Apr2023

Oct
2023

Apr2024

Oct2024

3,400

1,200

Apr2025

Oct2027

Note: The distribution of loan repayment dates is calculated based on the total loans andinvestment corporation bonds outstanding as of the maturity date of each loan and bond.

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