By Marisa Wong
Morgantown, W.Va., March 29 – Parkway Life Real Estate Investment Trust announced that Parkway Life MTN Pte. Ltd. issued ¥3.3 billion of 0.58% six-year senior fixed-rate notes on Tuesday.
DBS Bank Ltd. is the lead manager and bookrunner.
This is the second series of notes issued under the company’s S$500 million multicurrency medium-term note program established in August 2008.
Prior to the issuance of the series 002 notes, no notes were outstanding under the MTN program, the company noted.
Proceeds from the new notes will be used to refinance existing borrowings, for investments and for general working capital.
The existing borrowings include a Japanese yen loan due in the first quarter of 2017, and the investments include an acquisition of a nursing home facility in Japan, according to a separate company press release.
“The current flush of liquidity in Japan has opened a window of opportunity for the REIT to capitalize on the tightened credit spread of JPY bond by the domestic bond investors and to diversify away from bank facilities which is the REIT’s current sole source of debt funding,” Yong Yean Chau, chief executive officer of Parkway Trust Management Ltd., said in the release.
“The appeal of our fixed rate notes has been supported by the confluence of strong investor appetite for credit related to health care sector as an alternative investment option in Japan and the rarity premium we command as a new credit issuer in the Japan market.”
Parkway Life MTN is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd., the trustee of Parkway Life REIT. The health care-focused real estate investment trust is based in Singapore.
| Issuer: | Parkway Life MTN Pte. Ltd.
|
| Issue: | Senior fixed-rate notes, series 002
|
| Amount: | ¥3.3 billion
|
| Maturity: | March 29, 2022
|
| Bookrunner: | DBS Bank Ltd.
|
| Coupon: | 0.58%
|
| Settlement date: | March 29
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
