By Mary-Katherine Stinson
Lexington, Ky., Dec. 1 – Parkway Life Real Estate Investment Trust priced ¥11.04 billion of senior fixed-rate notes in two series, both at par, according to multiple announcements.
The ¥5 billion senior notes due Dec. 6, 2028 priced with a coupon of 0.85% while the ¥6.04 billion senior notes due Dec. 6, 2029 priced with a coupon of 0.97%
The notes are expected to be issued Dec. 6 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. and SMBC Nikko Securities (Hong Kong) Ltd. are the joint lead managers and bookrunners.
The series 006 and series 007 notes will be issued under the company’s S$500 million multicurrency medium-term note program established in August 2008 and amended in October 2017.
Proceeds will be used to repurchase ¥3 billion of the company’s ¥5 billion 0.57% senior notes due 2023 at par. Proceeds will also be used to repay and term out the short-term loans drawn down as interim funding for the recent acquisitions in Japan investments, general working capital and funding purposes of Parkway Life REIT.
Following the terming out of the 2023 notes, Parkway Life Real Estate Investment Trust has no long-term debt refinancing needs until February 2024. Consequently, the trust’s weighted average debt term to maturity improves to 3.7 years from 2.9 years.
Parkway Life is a health care-focused real estate investment trust based in Singapore.
| Issuer: | Parkway Life MTN Pte. Ltd.
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| Issue: | Senior fixed-rate notes
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| Amount: | ¥11.04 billion
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| Bookrunners: | DBS Bank Ltd. and SMBC Nikko Securities (Hong Kong) Ltd.
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| Price: | Par
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| Settlement date: | Dec. 6
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| Series 006 Notes
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| Amount: | ¥5 billion
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| Maturity: | Dec. 6, 2028
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| Coupon: | 0.85%
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| Series 007 Notes
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| Amount: | ¥6.04 billion
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| Maturity: | Dec. 6, 2029
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| Coupon: | 0.97%
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