1st Dec 2008 07:00
1 December 2008
Japan Residential Investment Company Limited ('JRIC' or 'the Company')
Notice of Investment Activity
The Company, through firms in which it has beneficial ownership (referred to collectively as the 'Fund') repaid debt in the amount of £8.6 million (¥1.25 billion) on 20 November 2008 with the voluntary redemption of bonds payable to ORIX Corporation. The Fund will redeem additional bonds totaling £1.7 million (¥250 million) in equal quarterly installments over the next 15 months. The maturity date of June 2012 for the remaining £68.9 million (¥10 billion) in bonds outstanding remains unchanged. The interest rate remains 1.35% above the three-month yen LIBOR.
This deleveraging is part of the Fund's proactive approach to managing debt exposure in light of difficult market conditions. Healthy financial markets are critical to the real estate sector, and the Fund is taking a defensive posture pending the normalization of credit markets. In light of this, the Fund is primarily focused on asset, cash and financial risk management and is not prioritising new acquisitions.
On a total portfolio basis, the Fund's non-recourse debt financing is currently £172 million (¥25.248 billion) with an average remaining tenor of 2.6 years and weighted average interest rate of 2.33%.
(Exchange rate applied: £ denominated values based on OANDA.com exchange rate of ¥ 145.124 at 20 November 2008 and ¥146.788 at 28 November 2008.)
Enquiries:
|
K.K. Halifax Asset Management |
Alec Menikoff |
+81 (0)3 5408 8784 |
|
Fairfax I.S. PLC |
John Korwin-Szymanowski |
+44 (0)20 7460 4376 |
|
Smith & Williamson Corporate Finance Limited |
Azhic Basirov |
+44 (0)20 7131 4000 |
Related Shares:
JRIC.L