- Total issue size of US$600m against a Transaction Portfolio NAV of US$1.3bn
- Significant over-collateralisation – the issue size is less than 46% of the Transaction Portfolio NAV
- Diversified & quality Transaction Portfolio of 38 PE Funds
- Mature, cash generative Transaction Portfolio
- Several structural safeguards in place
| Class | Principal Amount | Interest Rate | Scheduled Call Date | Interest Rate Step-up | Expected Ratings (Fitch/S&P)1 | Maturity Date |
| A-1 | S$315 million | 3.85% p.a. | 20 June 2024 | 1.0% p.a. | Asf/A+ (sf) | 20 June 2029 |
| A-2 | US$230 million | 4.50% p.a. | 20 June 2024 | 1.0% p.a. | Asf / Not rated | 20 June 2029 |
| B | US$140 million | 5.75% p.a. | Not Applicable | Not Applicable | BBBsf / Not rated | 20 June 2029 |
Click the links to access the Fitch Ratings Report as well as S&P's Final Ratings Press Release and Presale Report.
Class A-1 Bonds – S$180m Class A-1 Bonds offered to retail investors in Singapore (Stock Code: 5A1B)
- 10MC5 Mandatory Call at end of Year 5 (20 June 2024)
- Fixed interest of 3.85% p.a., payable every six months
- 1.0% p.a. interest rate step-up if bond is not redeemed after 5 years
- Bonus payment of 0.5% of principal at redemption if performance condition is met
Class A-2 Bonds
- 10MC5 Mandatory Call at end of Year 5 (20 June 2024)
- Fixed interest of 4.50% p.a., payable every six months
- 1.0% p.a. interest rate step-up if bond is not redeemed after 5 years
Class B Bonds
- Principal expected to be repaid after the redemption of Class A-2 bonds
- Fixed interest of 5.75% p.a., payable every six months
The following diagram illustrates the structure through which the three Classes of Bonds will be issued.
Cash distributions from the PE Funds are received by the Issuer. The Issuer then pays out available cash through the Priority of Payments semi-annually.
Below is a simplified illustration of the cash flow and Priority of Payments.
- Reserves Accounts
Cash build up to repay principal of Class A-1 Bonds and Class A-2 Bonds on 20 June 2024 - Sponsor Sharing
Enables a faster build up of reserves - Maximum Loan-to-Value (LTV) Ratio
Debt level limit at 50% - crossing this limit triggers lowering of Total Net Debt - Credit Facility
Allows Issuer to draw down from bank to pay senior payments and expenses, and interest payments of Bonds and capital calls in the event of shortfall
The quality Transaction Portfolio is diversified across 38 PE Funds, managed by 32 GPs and invested across 862 Investee Companies. The Transaction Portfolio has a weighted average fund life of 5.4 years, and is mature and cash generative.
| Number of PE Funds | 38 | NAV | $1,324.4m |
| Number of GPs | 32 | Undrawn Capital Commitments | $215.0m |
| Number of Investee Companies (as of 31 December 2018) | 862 | Total Exposure | $1,539.4m |
| Weighted Average Age | 5.4 years | Capital Commitments | $1,376.4m |
| Range of Vintage Years | 2011-2016 |
The quality Transaction Portfolio is diversified across 38 PE Funds, managed by 32 GPs and invested across 862 Investee Companies. The Transaction Portfolio has a weighted average fund life of 5.4 years, and is mature and cash generative.
