PLife REIT prices $70m green notes at 2.103%

Five-year issue to refinance a loan tied to an eligible green project.

Parkway Life Real Estate Investment Trust's (PLife REIT) issuer has priced $70m of senior unsecured green notes due 27 Feb 2031 at a fixed rate of 2.103%, under its $500m Multicurrency Debt Issuance Programme.

United Overseas Bank is the sole lead manager and bookrunner for the issue.

The notes will be issued at 100% of principal in denominations of $250,000, with interest payable semi-annually in arrear. They will rank pari passu with other unsecured obligations of the issuer, subject to customary exceptions.

Proceeds will be used to refinance in full an existing loan that funded an eligible green project, in line with Parkway Life REIT’s sustainable financing framework dated 10 Feb.

The issuer stated that it expects the notes to be issued on 27 Feb, with an application to be made to SGX-ST for listing and quotation.

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