Parkway Life Reit prices 2 senior unsecured fixed rate notes
The notes are under the $500m multi-currency debt issuance programme.
Healthcare Reit, Parkway Life Reit, has priced the proposed issue of two senior unsecured fixed rate notes, its manager announced in a bourse filing.
It priced 0.85% six-year senior unsecured fixed rate notes due in 2028 at $47.7m (JPY5b) and 0.97% seven-year senior unsecured fixed rate notes due in 2029 at $57.6m (JPY6.04b).
The notes are under the multi-currency debt issuance programme and are expected to be issued on 6 December 2022.
Proceeds gained from the notes will be used to "preemptively refinance" existing fixed rate notes due next year.
"On the same day of the Notes issuance, the Issuer will repurchase JPY3b in the principal amount of the JPY5b 0.57% senior unsecured notes due June 2023 at a price of 100% of their principal amount," read the statement.
Parkway Life's manager said denominating the notes in Japanese Yen will offset any foreign exchange risk.
$1 = JPY99.80