Polaris Holdings (TYO:3010) secured a 705 million yen loan from SAJP VI 3.0 LP, an affiliate of its sponsor Star Asia, to refinance high-interest debt of its Philippine unit, Red Planet Hotels Manila Corp., according to a Friday filing on the Tokyo Stock Exchange.
The move is expected to cut annual interest expenses by about 44 million yen.
The company acquired Red Planet's Philippine operations in 2023, inheriting local borrowings with relatively high interest rates. Polaris aims to improve profitability by reducing financing costs.
The loan, set to mature in June 2027, follows a 150 million yen facility arranged in January.
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