Make The World
More Sustainable[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.

November 25, 2020
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/en/
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-3502-4892

New LoanIchigo Hotel decided today to borrow funds via a new loan (“Term Loan 15”).
1. Loan Rationale
The new loan will be used to repay two existing loans (total amount: JPY 7,000 million).
Details of the loans to be repaid are in Section 3 below.
2. Loan Details
Term Loan 15
Loan Date

Lenders

Nov 30, 2020

SMBC
Mizuho Bank
Shinsei Bank
Resona Bank

1LoanAmountInterest Rate(JPY million)

RepaymentDate(Loan Term)

Repayment
CollateralizedTerms

3M JPYTIBOR+0.45% (p.a.)1

Nov 30, 2021
(1.0 year)

Lump-sum
repayment

7,000

The interest payment date is the final day of every third month following the firstinterest payment date. (The first payment date will be February 28, 2021 and the last
payment date will be the same as the principal repayment date.) In the event theinterest payment date is not a business day, payment shall be made on the following
business day. If the following business day falls into the following month, payment
shall be made on the previous business day.

Note:
The base rate for the loan will be JPY TIBOR as published by the Japanese Bankers
Association (JBA) two business days before each interest payment date. For current
JPY TIBOR rates, please visit the JBA’s website: www.jbatibor.or.jp/english/rate

1No3. Existing Loans Being Repaid(1) Term Loan 2
Loan Date

Lenders

Nov 30, 2015

SMBC
Mizuho Bank
Shinsei Bank
Resona Bank

LoanAmountInterest Rate
(JPY million)
5,250

RepaymentDate(Loan Term)

1M JPY TIBOR Nov 30, 2020
+0.70% (p.a.)(5.0 years)

Repayment
CollateralizedTerms
Lump-sum
repayment

No(2) Term Loan 14
Loan Date

Lenders

May 29, 2020

SMBC
Mizuho Bank
Shinsei Bank
Resona Bank

LoanAmountInterest Rate
(JPY million)
1,750

RepaymentDate(Loan Term)

3M JPY TIBOR Nov 30, 2020
+0.40% (p.a.)(0.5 years)

Repayment
Collateralized
Terms
Lump-sum
repayment

4. Earnings Outlook
The impact of the new loan on Ichigo Hotel’s January 2021 and July 2021 fiscal period
earnings has already been reflected in the forecasts presented in Ichigo Hotel’s
September 14, 2020 release “July 2020 Fiscal Period Earnings.”
5. OtherRisks related to the loan have no material impact on the “Investment Risks” describedin the latest Financial Report submitted October 28, 2020.

2NoReference: Loan Composition after New Loan
Outstanding Loan Balance(JPY million)
BeforeNew Loan(A)After
New Loan(B)

Change(B) - (A)Short-term bank loans

1,750

7,000

+5,250Long-term bank loans

23,72018,470-5,250Total bank loans

25,47025,470

–

500

500

–

25,97025,970–

Bonds
Total bank loans and bonds
Distribution of Loan Maturities
Before New Loan

(JPY million)■ Long-term Loans (fixed rate) ■ Long-term Loan (floating rate)■ Short-term Loan
■ Bonds

7,000
1,750

5,250

4,500

2,500
500

4,500
2,220

1,800

3,000

2,000

450
January
2021

July
2021

January
2022

July
2022

January
2023

July
2023

January
2024

July
2024

January
2025

July
2025

After New Loan

January
2026

July
2026

(JPY million)■ Long-term Loans (fixed rate) ■ Long-term Loan (floating rate)■ Short-term Loan
■ Bonds

7,000
4,500

2,500
500

4,500
2,220

1,800

3,000

2,000

450
January
2021

July
2021

January
2022

July
2022

January
2023

July
2023

3

January2024

July2024

January
2025

July
2025

January2026

July2026