Parkway Life Reit prices 3.5b yen fixed rate notes due 2024
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
THE manager of Parkway Life Real Estate Investment Trust (Reit), Parkway Trust Management, has priced 3.5 billion yen (around S$42.1 million) of six year, senior unsecured notes at a coupon of 0.65 per cent under an existing S$500 million multicurrency debt issuance programme, it announced on Wednesday.
The notes issue is expected to be completed on Feb 26.
Proceeds from the bonds, which will be sold at par and mature on Feb 26, 2024, will be used to refinance existing borrowings of Parkway Life Reit.
DBS Bank has been appointed the sole lead manager and bookrunner for the notes.
"With the US Federal Reserve signalling the possibility of more interest rate hikes this year, it is crucial to timely term out Parkway Life Reit's maturing loans to mitigate refinancing risks," Yong Yean Chau, chief executive of Parkway Trust Management said.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Higher costs, lower returns: Why are Singaporeans still betting on real estate?
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
Loyang Valley sold for S$880 million to SingHaiyi-led consortium
