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Interest-Bearing Debt

01. Financial Strategy

  • Appropriately controlling
    the ratio of interest-
    bearing debt
    Conduct financial operations conservatively to keep the ratio at 35% - 45% as a target with 60% as the ceiling.
  • Dispersing debt
    repayment dates
    Mitigate the risks of failing to conduct refinances or having to pay higher interest due to sudden changes in the financial environment.
  • Shifting to long-term,
    fixed-interest borrowings
    Focus on extending the durations of debt maturity and shifting to fixed-interest borrowings.
  • Expanding sources and
    diversifying methods of
    fundraising
    Conduct borrowing of funds from not only the sponsor banks and megabanks but also regional banks in each prefecture in Kyushu, maintaining close relationships with them.
  • Raising funds without
    providing collateral
    Raise funds without providing collateral based on the flexibility of our financial operations.

02. Interest-Bearing Debt Summary

As of February 29, 2024

  • Total interest-bearing debt
    96,350mm yen
  • Total assets LTV
    44.9%
  • Fixed-interest debt ratio
    90.9%
  • Weighted average interest rate
    0.67%
  • Average duration
    5.2years
  • JCR
    Long-term Issuer Rating
    AA-(Stable)
    R&I
    Issuer Rating
    A+(Stable)

03. Diversification of Debt Maturities

As of Feb. 29, 2024

(mm yen)

04. Debt & Investment Corporation Bonds

As of June 30, 2024

Borrowings

Type Lender Balance
(mm yen)
Term
(year)
Interest Rate
(Annual rate)
Fixed or
floating rate
Drawdown date Repayment date
Current maturities of
long-term debt
SBI Shinsei Bank 700 8.0 0.40000% Fixed July 29, 2016 July 31, 2024
Current maturities of
long-term debt
Development Bank of Japan 2,000 9.0 0.62000% Fixed February 29, 2016 February 28, 2025
Current maturities of
long-term debt
The Higo Bank 300 8.0 0.48130% Fixed March 31, 2017 March 31, 2025
Current maturities of
long-term debt
MUFG Bank 800 8.0 0.48130% Fixed March 31, 2017 March 31, 2025
Current maturities of
long-term debt
Sumitomo Mitsui Banking Corporation 500 7.0 0.50400% (*2) Fixed March 30, 2018 March 31, 2025
Current maturities of
long-term debt
SBI Shinsei Bank 300 7.0 0.40000% Fixed March 30, 2018 March 31, 2025
Long-term debt Sumitomo Mitsui Trust Bank 300 9.0 0.64127% Floating (*1) September 30, 2016 September 30, 2025
Long-term debt Development Bank of Japan
The Oita Bank
The Kagoshima Bank
The Kitakyushu Bank
The Juhachi-Shinwa Bank
The Hiroshima Bank
2,100 9.0 0.71750% Fixed December 30, 2016 December 30, 2025
Long-term debt The Bank of Fukuoka 1,500 10.0 0.64727% Floating (*1) December 30, 2016 December 30, 2026
Long-term debt Resona Bank 600 10.0 0.65846% Fixed March 31, 2017 March 31, 2027
Long-term debt The Bank of Fukuoka
The Nishi-Nippon City Bank
The Oita Bank
The Kitakyushu Bank
The Miyazaki Bank
The Juhachi-Shinwa Bank
The Iyo Bank
6,000 9.0 0.77677% Fixed June 30, 2017 June 30, 2026
Long-term debt Development Bank of Japan 1,800 9.5 0.65000% Fixed June 30, 2017 December 31, 2026
Long-term debt The Bank of Fukuoka 2,000 10.0 0.79195% Fixed July 31, 2017 July 31, 2027
Long-term debt The Nishi-Nippon City Bank 2,000 10.0 0.89195% Fixed July 31, 2017 July 31, 2027
Long-term debt The Nishi-Nippon City Bank
The Bank of Fukuoka
The Oita Bank
The Kitakyushu Bank
The Juhachi-Shinwa Bank
The Hiroshima Bank
1,500 10.0 0.84952% Fixed August 31, 2017 August 31, 2027
Long-term debt Resona Bank 2,000 10.0 0.49350% (*2) Fixed September 29, 2017 September 30, 2027
Long-term debt The Bank of Fukuoka 1,500 10.0 0.81209% Fixed December 29, 2017 December 30, 2027
Long-term debt Development Bank of Japan 500 10.0 0.68000% Fixed December 29, 2017 December 30, 2027
Long-term debt The Nishi-Nippon City Bank 1,900 10.0 0.75000% (*2) Fixed February 28, 2018 February 29, 2028
Long-term debt Sumitomo Mitsui Trust Bank 1,100 9.0 0.60000% (*2) Fixed February 28, 2018 February 26, 2027
Long-term debt MUFG Bank 1,500 8.0 0.50000% Fixed February 28, 2018 February 27, 2026
Long-term debt Resona Bank 600 10.0 0.56700% (*2) Fixed February 28, 2018 February 29, 2028
Long-term debt Development Bank of Japan 2,500 10.0 0.72000% Fixed March 1, 2018 March 1, 2028
Long-term debt MUFG Bank 600 8.0 0.48000% Fixed March 30, 2018 March 31, 2026
Long-term debt The Nishi-Nippon City Bank 600 10.0 0.80219% Fixed March 30, 2018 March 31, 2028
Long-term debt The Bank of Fukuoka 500 10.0 0.80219% Fixed March 30, 2018 March 31, 2028
Long-term debt Mizuho Bank 500 10.0 0.63000% Fixed March 30, 2018 March 31, 2028
Long-term debt MUFG Bank 500 9.0 0.49000% Fixed March 30, 2018 March 31, 2027
Long-term debt Sumitomo Mitsui Trust Bank 400 9.0 0.57600% (*2) Fixed March 30, 2018 March 31, 2027
Long-term debt The Oita Bank 400 10.0 0.64630% Fixed March 30, 2018 March 31, 2028
Long-term debt The Hiroshima Bank 400 10.0 0.64630% Fixed March 30, 2018 March 31, 2028
Long-term debt Sumitomo Mitsui Banking Corporation 500 10.0 0.65528% Fixed January 31, 2019 January 31, 2029
Long-term debt MUFG Bank 500 9.0 0.59000% Fixed January 31, 2019 January 31, 2028
Long-term debt The Nishi-Nippon City Bank 400 10.0 0.60727% Floating (*1) January 31, 2019 January 31, 2029
Long-term debt The Bank of Fukuoka 300 10.0 0.60727% Floating (*1) January 31, 2019 January 31, 2029
Long-term debt The Oita Bank 200 7.0 0.33380% Fixed February 28, 2019 February 27, 2026
Long-term debt The Kagoshima Bank 200 7.0 0.33380% Fixed February 28, 2019 February 27, 2026
Long-term debt The Higo Bank 200 7.0 0.33380% Fixed February 28, 2019 February 27, 2026
Long-term debt Resona Bank 200 10.0 0.48845% (*2) Fixed February 28, 2019 February 28, 2029
Long-term debt Mizuho Bank
The Bank of Saga
The Higo Bank
2,200 10.0 0.52100% (*2) Fixed July 31, 2019 July 31, 2029
Long-term debt The Norinchukin Bank 1,500 7.5 0.30300% Fixed July 31, 2019 January 29, 2027
Long-term debt MUFG Bank 500 9.0 0.48000% Fixed September 25, 2019 September 29, 2028
Long-term debt The Nishi-Nippon City Bank 2,500 10.0 0.48000% (*2) Fixed February 28, 2020 February 28, 2030
Long-term debt Mizuho Bank 1,700 10.0 0.42000% Fixed February 28, 2020 February 28, 2030
Long-term debt Aozora Bank 1,000 10.0 0.56922% Fixed June 30, 2020 June 28, 2030
Long-term debt Resona Bank 700 10.0 0.56922% Fixed June 30, 2020 June 28, 2030
Long-term debt MUFG Bank 500 9.0 0.60000% Fixed June 30, 2020 June 29, 2029
Long-term debt The Kagoshima Bank 500 8.0 0.46500% Fixed June 30, 2020 June 30, 2028
Long-term debt Development Bank of Japan 1,500 10.0 0.53000% Fixed July 31, 2020 July 31, 2030
Long-term debt Mizuho Bank 1,000 10.0 0.47000% Fixed July 31, 2020 July 31, 2030
Long-term debt The Kitakyushu Bank 500 10.0 0.52630% Fixed July 31, 2020 July 31, 2030
Long-term debt The Iyo Bank 200 10.0 0.52630% Fixed July 31, 2020 July 31, 2030
Long-term debt The Juhachi-Shinwa Bank 1,000 10.0 0.59000% Fixed March 31, 2021 March 31, 2031
Long-term debt Mizuho Bank
The Hiroshima Bank
The Kitakyushu Bank
The Iyo Bank
The Higo Bank
5,300 10.0 0.49000% (*2) Fixed July 30, 2021 July 31, 2031
Long-term debt Mizuho Trust & Banking 1,000 10.0 0.59727% Floating (*1) March 31, 2022 March 31, 2032
long-term debt Sumitomo Mitsui Banking Corporation 1,600 7.0 0.72625% Fixed June 30, 2022 June 29, 2029
long-term debt Development Bank of Japan
The Nishi-Nippon City Bank
The Bank of Fukuoka
4,900 10.0 0.91875% (*3) Fixed August 31, 2022 August 31, 2032
Long-term debt The Higo Bank 700 5.0 0.61500% Fixed March 31, 2023 March 31, 2028
Long-term debt The Higo Bank 750 10.0 0.59727% Floating (*1) March 31, 2023 March 31, 2033
Long-term debt The Hiroshima Bank 500 6.0 0.54125% Fixed June 30, 2023 June 29, 2029
Long-term debt The Hiroshima Bank 1,000 7.0 0.63500% Fixed June 30, 2023 June 28, 2030
Long-term debt Sumitomo Mitsui Trust Bank 900 5.0 0.50100% Fixed July 31, 2023 July 31, 2028
Long-term debt Sumitomo Mitsui Trust Bank 600 8.0 0.82900% Fixed July 31, 2023 July 31, 2031
Long-term debt Development Bank of Japan 2,000 6.0 0.83750% Fixed August 31, 2023 August 31, 2029
Long-term debt Development Bank of Japan 2,000 6.5 0.90689% Fixed August 31, 2023 February 28, 2030
Long-term debt The Nishi-Nippon City Bank 2,000 7.0 0.91900% Fixed September 29, 2023 September 30, 2030
Long-term debt The Nishi-Nippon City Bank 1,900 8.0 1.01500% Fixed September 29, 2023 September 30, 2031
Long-term debt The Nishi-Nippon City Bank 1,000 10.0 1.18900% Fixed September 29, 2023 September 30, 2033
Long-term debt SBI Shinsei Bank 600 5.0 0.76700% Fixed September 29, 2023 September 29, 2028
Long-term debt The Higo Bank 600 5.0 0.76700% Fixed September 29, 2023 September 29, 2028
Long-term debt The Iyo Bank 500 5.0 0.76700% Fixed September 29, 2023 September 29, 2028
Long-term debt The Kagoshima Bank 300 5.0 0.76700% Fixed September 29, 2023 September 29, 2028
Long-term debt The Bank of Fukuoka 2,500 8.0 0.50727% Floating (*1) October 31, 2023 October 31, 2031
Long-term debt MUFG Bank 1,000 7.0 1.20250% Fixed October 31, 2023 October 31, 2030
long-term debt Sumitomo Mitsui Banking Corporation 1,000 7.0 1.20250% Fixed October 31, 2023 October 31, 2030
Long-term debt Mizuho Bank 1,000 8.0 1.24900% Fixed October 31, 2023 October 31, 2031
Long-term debt The Nishi-Nippon City Bank 1,000 7.0 0.88900% Fixed February 29, 2024 February 28, 2031
Long-term debt The Nishi-Nippon City Bank 1,000 9.0 1.07000% Fixed February 29, 2024 February 28, 2033
long-term debt The Bank of Fukuoka 1,000 7.0 0.50727% Floating (*1) February 29, 2024 February 28, 2031
Long-term debt The Bank of Fukuoka 1,000 9.0 0.54727% Floating (*1) February 29, 2024 February 28, 2033
Total 93,350
  • For floating-rate debts, the interest rates applicable as of June 30, 2024 are indicated.
  • All debts have been borrowed with no collateral and no guarantee and are to be repaid in lump-sum upon maturity.
  • The applicable interest rate is the JBA 3-month Japanese Yen TIBOR. The JBA Japanese Yen TIBOR can be checked at the website of the JBA TIBOR Administration.
    https://www.jbatibor.or.jp/english/about/
  • FRC has concluded swap agreements to practically fix the interest rates on debt. The indicated interest rate reflects the effect of the swap agreements.
  • It is a sustainability-linked loan and when the SPT is achieved, a preferential interest rate is applied to the corresponding period from the interest rate of the initial loan.

Investment Corporation Bonds

Issue Issued Amount
(mm yen)
Term
(year)
Coupon
(Annual rate)
Issue date Maturity date
2nd Unsecured Investment Corporation
Bonds
2,000 15.0 1.00000% July 31, 2017 July 30, 2032
3rd Unsecured Investment Corporation Bonds 1,000 20.0 1.20000% July 31, 2018 July 30, 2038
Total 3,000

Committed Line of Credit

Type Lender Credit limit
(mm yen)
Commitment period
Start End
Committed line
of credit 1
The Bank of Fukuoka
Resona Bank
6,000 August 1, 2018 July 31, 2026
Committed line
of credit 2
The Nishi-Nippon City Bank
Resona Bank
The Oita Bank
The Bank of Nagasaki
The Bank of Saga
7,000 March 2, 2020 February 28, 2027
Total 13,000

05. Breakdown of Financing

As of February 29, 2024

Lender Amount
(mm yen)
Ratio
(%)
Development Bank of Japan 17,800 18.5%
The Nishi-Nippon City Bank 16,300 16.9%
The Bank of Fukuoka 12,500 13.0%
Mizuho Bank 7,700 8.0%
MUFG Bank 5,900 6.1%
Resona Bank 4,100 4.3%
The Hiroshima Bank 3,500 3.6%
Sumitomo Mitsui Trust Bank 3,300 3.4%
The Higo Bank 3,350 3.5%
Sumitomo Mitsui Banking Corporation 3,600 3.7%
The Juhachi-Shinwa Bank 2,500 2.6%
The Kitakyushu Bank 2,200 2.3%
The Oita Bank 1,500 1.6%
The Norinchukin Bank 1,500 1.6%
The Iyo Bank 1,700 1.8%
Aozora Bank 1,000 1.0%
SBI Shinsei Bank 1,600 1.7%
Mizuho Trust & Banking 1,000 1.0%
The Kagoshima Bank 1,100 1.1%
The Miyazaki Bank 700 0.7%
The Bank of Saga 500 0.5%
The Bank of Nagasaki 0 0.0%
Debt 93,350 96.9%
2nd Unsecured Investment Corporation Bonds 2,000 2.1%
3rd Unsecured Investment Corporation Bonds 1,000 1.0%
Investment corporation bonds 3,000 3.1%
Total 96,350 100%

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