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Parkway Life REIT trustee unit closes ¥5B senior notes offering

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Parkway Life REIT trustee unit closes ¥5B senior notes offering

A unit of HSBC Institutional Trust Services (Singapore) Ltd. closed a ¥5.00 billion offering of senior unsecured notes due 2023.

The notes will bear interest at a fixed rate of 0.57% per annum and were issued under Parkway Life MTN Pte Ltd.'s S$500.0 million multicurrency medium-term note program.

The proceeds from the offering will be on-lent to Parkway Life REIT, which will use them to pre-emptively refinance roughly 32% of its long-term loans due in 2019.

Barclays Bank PLC and DBS Bank Ltd. served as the joint lead managers and joint book runners for the notes issuance.

As of Dec. 6, US$1 was equivalent to approximately S$1.35 and approximately ¥112.25.