Key Highlights of Semi-Annual Distribution Report for the period 8 July 2017 to 7 January 2018

Distribution Reference Date: 21 December 2017

Cashflow activity of Astrea III third distribution period
Portfolio activity of Astrea III third distribution period
  • The Manager is pleased to present the third Distribution Report on behalf of Astrea III Pte. Ltd. ("Astrea III" or the "Issuer").
  • This report is presented for the period from 8 July 2017 to 7 January 2018.
  • For the period from 8 July 2017 to 7 January 2018, cashflow activity included distributions of $225m and capital calls of $43m. Other inflows include interest income of $2m.
  • The Issuer met its interest obligations falling due on 8 January 2018 in respect of Class A-1, Class A-2 and Class B Notes by paying interest to Noteholders.
  • $17m was paid into the Reserves Accounts on the Distribution Date for the principal repayment of Class A Notes pursuant to Clause 11 of the Priority of Payments. Including
    amounts previously funded into the Reserves Accounts, the total Reserve Amount is $224m. The total Reserve Amount exceeds the S$228m Class A-1 Notes principal amount,
    and represents 66% of the Reserves Accounts Cap (which accounts for both Class A-1 Notes and Class A-2 Notes).
  • Fitch and S&P upgraded Class A-1 Notes from Asf to A+sf in July 2017 and A (sf) to A+ (sf) in September 2017 respectively.
  • As of the current Distribution Date, the Class A-1 Bonus Redemption Premium Threshold has not been met.
  • The Portfolio NAV had fair value gains of $94m and ended the period at $964m as of Distribution Reference Date. The Maximum Loan-to-Value Ratio was not exceeded.

This is a summary of the Semi-Annual Distribution Report to Noteholders. Click here to download the full report.