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.

May 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/english
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 14”).
1. Loan Rationale
The new loan will be used to repay an existing loan (JPY 1,750 million). Details of theloan to be repaid are in Section 3 below.
2. Loan Details
Term Loan 14
Loan Date

LenderMay 29, 2020

SMBC
Mizuho Bank
Shinsei Bank
Resona Bank

1Loan
AmountInterest Rate
(JPY million)

Repayment
Date

Repayment
CollateralizedTerms

3M JPYTIBOR+0.40% (p.a.)1Nov 30, 2020
(0.5 years)

Lump-sum
repayment

1,750

The interest payment date is the final day of every third month following the firstinterest payment date. (The first payment date will be August 31, 2020 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. Ichigo Hotel will announce the interest
rate for the first period (May 29, 2020 to August 31, 2020) after the rate is determined.

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 Loan Being Repaid
Term Loan 8
Loan Date

Lender

Nov 30, 2018

SMBC
Mizuho Bank
Shinsei Bank
Resona BankLoan
AmountInterest Rate
(JPY million)
1,750

Repayment
Date

1M JPY TIBOR May 31, 2020
+0.40% (p.a.)(1.5 years)

RepaymentCollateralizedTerms
Lump-sum
repayment

4. Earnings Outlook
The impact of the new loan on Ichigo Hotel’s July 2020 fiscal period earnings has
already been reflected in the forecasts presented in Ichigo Hotel’s April 27, 2020 release“Earnings Forecast Revision for the July 2020 Fiscal Period.”
5. OtherRisks related to the loan have no material impact on the “Investment Risks” describedin the latest Financial Report submitted April 27, 2020.

2NoReference: Loan Composition after New Loan
Outstanding Loan Balance(JPY million)
BeforeNew Loan(A)AfterNew Loan(B)Change(B) - (A)Short-term bank loans

–

1,750

+1,750Long-term bank loans

25,47023,720-1,750Total bank loans

25,47025,470––––25,47025,470–

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

(JPY million)■ Floating Rate

5,250
4,500

4,500
3,000
2,220

1,800

1,750

2,000

450
July January July January July January July January July January July January July
2020
2021
2021
2022
2022
2023
2023
2024
2024
2025
2025
2026
2026

After New Loan
7,000

■ Fixed Rate

■ Floating Rate（JPY million)■ New Loan

1,750

5,250
4,500

4,500
3,000
2,220

1,800

2,000

450
July January July January July January July January July January July January July
2020
2021
2021
2022
2022
2023
2023
2024
2024
2025
2025
2026
2026

3