A unit of Parkway Life REIT's trustee, HSBC Institutional Trust Services (Singapore) Ltd., closed an offering of ¥3.50 billion worth of senior unsecured notes due Feb. 26, 2024.

The unit, Parkway Life MTN Pte Ltd., issued the notes under a S$500.0 million multicurrency medium-term note program.

According to a previous company release, HSBC Institutional will use the proceeds to refinance existing borrowings of the healthcare-focused real estate investment trust.

DBS Bank Ltd. served as the sole lead manager and sole book runner for the series 004 notes.

As of Feb. 23, US$1 was equivalent to about S$1.32.