Key Highlights of Semi-Annual Distribution Report for the period 8 January 2018 to 7 July 2018
Distribution Reference Date: 25 June 2018
- The Manager is pleased to present the fourth Distribution Report on behalf of Astrea III Pte. Ltd. ("Astrea III" or the "Issuer").
- This report is presented for the period from 8 January 2018 to 7 July 2018.
- For the period from 8 Janaury 2018 to 7 July 2018, Portfolio activity included distributions of $180m(1) and capital calls of $14m. Other inflows include interest income of $0.5m. After taking into account the hedged EUR costs for the current Distribution Period, the total distributions and other inflows received were $179m.
- The Issuer met its interest obligations falling due on 8 July 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 $241m. The total Reserve Amount exceeds the S$228m Class A-1 Notes principal amount, and represents 71%(2) of the Reserves Accounts Cap (which accounts for both Class A-1 Notes and Class A-2 Notes).
- The Bonus Redemption Premium Threshold(3) has been met as of the current Distribution Date. The Bonus Redemption Premium of S$684,000 (equivalent to 0.3% of the Class A-1 Notes principal) has been set aside and will be paid to Class A-1 Noteholders upon redemption of the Class A-1 Notes.
- The Portfolio NAV had fair value gains of $92m and ended the period at $890m 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.
1. Based on spot EUR rates.
2. Class A-1 Principal is hedged at USD:SGD forward FX rate of 1.355279.
3. Please refer to the “Terms and Conditions of the Class A-1 Notes” in the Information Memorandum dated 21 June 2016 for full details.