By Marisa Wong
Morgantown, W.Va., Feb. 20 – Parkway Life Real Estate Investment Trust priced ¥3.5 billion of 0.65% six-year senior fixed-rate notes at par, according to a company announcement.
The notes will be issued through Parkway Life MTN Pte. Ltd., a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Ltd., the trustee of Parkway Life REIT.
DBS Bank Ltd. is the lead manager and bookrunner.
The series 004 notes will be issued on Feb. 26 under the company’s S$500 million multicurrency medium-term note program established in August 2008 and amended on Oct. 30.
Proceeds will be used to refinance existing borrowings.
Parkway Life said the yen-denominated issue serves as a natural hedge for its Japanese assets, eliminating its exposure to foreign exchange risk. With this issuance, the trust has successfully termed out over 50% of its loans due in 2019, according to a press release.
Parkway Life is a health care-focused real estate investment trust based in Singapore.
| Issuer: | Parkway Life MTN Pte. Ltd.
|
| Issue: | Senior fixed-rate notes, series 004
|
| Amount: | ¥3.5 billion
|
| Maturity: | Feb. 26, 2024
|
| Bookrunner: | DBS Bank Ltd.
|
| Coupon: | 0.65%
|
| Price: | Par
|
| Yield: | 0.65%
|
| Announcement date: | Feb. 20
|
| Settlement date: | Feb. 26
|
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