A unit of HSBC Institutional Trust Services (Singapore) Ltd. priced a ¥5.00 billion offering of senior unsecured notes due June 6, 2023.
Parkway Life MTN Pte Ltd. expects to issue the notes Dec. 6 at a price equal to 100% of the principal amount. The notes will bear a 0.57% fixed interest rate, payable semiannually in arrears. The notes are being issued under the issuer's S$500.0 million multicurrency medium term note program established Aug. 18, 2008.
HSBC Institutional Trust Services, Parkway Life REIT's trustee, will use the loan proceeds to refinance existing borrowings, for investments and for general working capital and funding purposes of Parkway Life REIT.
Barclays Bank PLC and DBS Bank Ltd. are the joint lead managers and joint book runners for the notes issuance.
As of Dec. 1, US$1 was equivalent to about S$1.35 and about ¥112.86.
