Astrea III is the first listed bond in Singapore backed by cash flows from Private Equity ("PE") Funds.
It was recognised in 2016 by leading financial publications for:
|The transaction summary below has been simplified for a basic understanding of the transaction. For full details of the transaction, please refer to the Information Memorandum.|
At launch, the Transaction was significantly over-collateralised, where the debt issued was less than 45% of the portfolio NAV.
The bonds are rated by credit rating agencies Fitch Ratings ("Fitch") and Standard & Poor's Ratings Services ("S&P"), as shown below.
|Class A-1 *Fully Redeemed*||A+sf1||A+ (sf)2|
|Class A-2||A+sf1||Not rated|
|Class B||BBB+sf1||Not rated|
|Class C||Not Rated||Not rated|
1Rated Asf at launch, Class A-1 Notes were upgraded to A+sf by Fitch on 10 July 2017. Click here for the press release. Rated Asf and BBBsf respectively at launch, Class A-2 and Class B Notes were upgraded to A+sf and BBB+sf respectively by Fitch on 17 May 2019. Click here for the press release.
2Rated A (sf) at launch, Class A-1 Notes were upgraded to A+ (sf) by S&P on 27 September 2017. Click here for the press release.
Interest Rate Step-Up
|Scheduled Maturity Date||Final Maturity Date||Redemption Premium|
|Class A-1 Bonds *Fully Redeemed*||A+sf / A+ (sf)||3.90%||1.0%||8 July 2019||8 July 2026||0.3% of Class A-1 principal amount|
|Class A-2 Bonds||A+sf / Not rated||4.65%||1.0%||8 July 2021||8 July 2026||N/A|
|Class B Bonds||BBBsf / Not rated||6.50%||N/A||N/A||8 July 2026||N/A|
|Class C Bonds||Not rated||9.25% PIK||N/A||N/A||8 July 2026||5.0% of cash flows|
The structure is backed by cash flows generated from the underlying Funds. At each distribution date, which occurs every six months, net cash flows from the Funds will be distributed up to the two Asset Owning Companies ("AOCs") before their distribution to the Issuer, Astrea III Pte. Ltd.. The cash will be used to cover expenses and other payments as well as to pay for the interest and principal on the bonds issued according to the priority of payments.
At launch, the well-diversified portfolio of 34 Funds was managed by 26 different Fund Managers and held 592 underlying companies.
|Number of PE Funds||34||NAV||1,141.6|
|Number of GPs||26||Undrawn Capital Commitments||201.4|
|Number of Investee Companies||592||Total Exposure||1,343.0|
(by Total Exposure)
|Range of Vintage Years||2004-2013|
Portfolio by Fund Strategy
Portfolio by Fund Region
Portfolio by Sector
Portfolio by Vintage
For more information on the Astrea III Transaction, refer to the Information Memorandum.