Repayment of Debt
November 17 2010 - 2:00AM
UK Regulatory
TIDMJRIC
RNS Number : 2846W
Japan Residential Inv. Co. Ltd
17 November 2010
17 November 2010
Japan Residential Investment Company Limited ("the Company")
Repayment of Debt
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended
Guernsey registered company established to make and hold investments in
residential property in Japan. The Company, its subsidiaries and entities in
which it has a beneficial interest are referred to collectively as "the Fund".
Further to the announcement of 9 November 2010, the Fund has arranged for a
voluntary, partial pay down of JPY 3.0 billion (GBP 22.5 million) of the current
JPY 10.0 billion (GBP 75.0 million) in debt outstanding to Orix Corporation and
DB Trust Bank (the "Pay Down"). The Pay Down is scheduled to take place on 22
November 2010. The remaining JPY 7.0 billion (GBP 52.5 million) of debt owed to
Orix Corporation and DB Trust Bank, which matures in May 2012, will have a
loan-to-value ratio ("LTV") of 60.4%, based on values as at 31 May 2010. The
average interest rate remains unchanged at 1.59%.
As a result of the Pay Down, the Fund portfolio LTV will be reduced to 54.1%,
based on values as at 31 May 2010.
Enquiries
+------------------------------+--------------------+--------------+
| K.K. Halifax Asset | Alec Menikoff | +81 (0)3 |
| Management | | 5563 8771 |
+------------------------------+--------------------+--------------+
| Smith & Williamson Corporate | Azhic Basirov | +44 (0)20 |
| Finance Limited | | 7131 4000 |
+------------------------------+--------------------+--------------+
| Fairfax I.S. PLC | John | +44 (0)20 |
| | Korwin-Szymanowski | 7460 4376 |
+------------------------------+--------------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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