<article>Parkway Trust Management Limited, the manager of <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/plife-reit" target="_blank">Parkway Life Real Estate Investment Trust</a> (PLife REIT), has announced its first issuance of JPY 3.3 billion (about $29 million) six-year senior unsecured fixed rate notes.</article>

Parkway Trust Management Limited, the manager of <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/plife-reit" target="_blank">Parkway Life Real Estate Investment Trust</a> (PLife REIT), has announced its first issuance of JPY 3.3 billion (about $29 million) six-year senior unsecured fixed rate notes.
Also known as the Series 002 Notes, this initiative marked the second series of notes issued under PLife REIT&#8217;s S$500 million multicurrency medium term note programme (MTN Programme) established in August 2008.
Series 002 Notes will mature 29 March 2022 with a fixed interest rate of 0.58 per cent per year payable every six months in arrear.
The net proceeds from the issue of the Series 002 Notes will be on-lent by the issuer to PLife REIT, which the latter will use to refinance existing borrowings, investments, and general working capital and funding purposes of the company. The funds will also be used to finance its acquisition of a Japanese nursing home.
&#8220;The current flush of liquidity in Japan has opened a window of opportunity for the REIT to capitalise on the tightened credit spread of JPY bond by the domestic bond investors and to diversify away from bank facilities which is the REIT’s current sole source of debt funding,&#8221; said Yong Yean Chau, CEO, Parkway Trust Management Limited in a statement.
He added, &#8220;The appeal of our Fixed Rate Notes has been supported by the confluence of strong investor appetite for credit related to healthcare sector as an alternative investment option in Japan and the rarity premium we command as a new credit issuer in the Japan market.”
PLife REIT has chosen to use the capital market to issue its six-year fixed rate notes in order to get rid of near term refinancing and interest rate risk.
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Parkway Life Real Estate Investment Trust (PLife REIT) has announced its first issuance of JPY 3.3 billion six-year senior unsecured fixed rate notes.

Singapore: PLife REIT issues $29m fixed rate notes due 2022

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Singapore: PLife REIT issues $29m fixed rate notes due 2022

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