Refinancing and termination of guarantees through the transfer of real estate trust beneficiary interests between SPCs
First written in FY2017-Q2. 4 of 6 entries say "Advanced", first in FY2017-Q3. Latest entry: FY2018.
No other company in this theme has enough history to compare yet.
- FY2018AdvancedAnnual report
「Excluded from consolidation because the transaction constituting control of LCRF7 was unwound. Excluded from consolidation on 3 October 2017 because the joint and several guarantee of LCRF4’s borrowings was terminated.」
Specific progress has been confirmed whereby multiple SPCs will be excluded from the scope of consolidation due to the dissolution of control relationships and the termination of joint and several guarantees. - FY2018-Q3AdvancedAnnual report
「合同会社ＬＣＲＦ13 ① Transfer agreement date 16 January 2018 ② Handover date 28 March 2018 ④ Transfer price The carrying amount and sale price each exceed 30% of the net assets shown on the consolidated balance sheet for our most recent fiscal year. In connection with this sale, 合同会社ＬＣＲＦ13 and 合同会社ＰＢＴＦ１ will fully repay the borrowings used to acquire the property held for sale, and our joint and several guarantees of those borrowings will be terminated. As a result, both companies will cease to be consolidated subsidiaries of the company.」
合同会社ＬＣＲＦ４ was excluded from the scope of consolidation following termination of the joint and several guarantee. In addition, after the property sale, 合同会社ＬＣＲＦ13 and 合同会社ＰＢＴＦ１ are expected to fully repay their borrowings, terminate the joint and several guarantees and be excluded from consolidation. - FY2018-Q2AdvancedAnnual report
「In connection with this transfer, the SPC will fully repay the borrowings used to acquire the transferred assets, and our joint and several guarantee of those borrowings will be terminated. As a result, the SPC will cease to be a consolidated subsidiary of the company.」
In connection with the transfer of property held for sale by 合同会社ＬＣＲＦ４, full repayment of the acquisition financing, termination of our joint and several guarantee and exclusion from the consolidated subsidiaries are planned. - FY2017RestatedAnnual report
「合同会社ＬＣＲＦ６ and 合同会社ＬＣＲＦ９ ceased to qualify as consolidated subsidiaries in October 2016 following termination of the joint and several guarantees on their borrowings, while 合同会社ＰＢＴＦ１, the transferee, has qualified as a consolidated subsidiary since October 2016.」
The termination of the joint and several guarantees, exclusion of the existing SPCs from consolidation and consolidation of the transferee SPC were also confirmed in the annual report. - FY2017-Q3AdvancedAnnual report
「During the third quarter of the consolidated accounting period, the entity was excluded from the scope of consolidation because our joint and several guarantee of the borrowings was terminated.」
It is stated that 合同会社ＬＣＲＦ６, ＬＣＲＦ９ and ＬＣＲＦ11 were excluded from the scope of consolidation following termination of the joint and several guarantees, while a new joint and several guarantee was provided for 合同会社ＰＢＴＦ１, which was consequently included in the scope of consolidation. - FY2017-Q2AchievedAnnual report
「The transfer was undertaken as part of the refinancing, including repayment and borrowing, of funds used to acquire the transferred assets, after the various conditions for the changeover had been met. The carrying amount and sale price each exceed 30% of the net assets shown on the consolidated balance sheet for our most recent fiscal year.」
The real estate trust beneficiary interests were transferred from 合同会社ＬＣＲＦ６ and ＬＣＲＦ９ to 合同会社ＰＢＴＦ１ on 28 October 2016. In connection with the transfer, the acquisition financing was repaid, our joint and several guarantee was terminated, and the scope of consolidation changed.