Astrea III

Accessing Private Equity

The Astrea III PE Bonds are the first listed bonds in Singapore backed by cash flows from Private Equity Funds. They represent the third series in the Astrea Platform and were a significant milestone in the development of Singapore’s bond market.

Key Highlights of Semi-Annual
Distribution Report

For the period
8 Jan 2021 - 8 Jul 2021
Distribution Reference Date
24 Jun 2021
8 Jul 2021
Semi-annual interest due paid to noteholders
US$170M
Class A-2 Notes Fully Redeemed as scheduled
US$12M
Remaining Class B Notes Redeemed during this period
US$76M
Class C Notes Redeemed during this period

Portfolio Activity (US$)

For the latest Distribution Period, US$102m of distributions were received from the PE Funds while US$3m was invested through capital calls. The net distributions of US$99m were applied to the Priority of Payments. These cash flow and fair value gains of US$92m resulted in an ending Portfolio NAV of US$443m.

 

Class A-2 Notes Fully Redeemed

US$170m of Class A-2 Notes were fully redeemed, as scheduled. 


Class B Notes Fully Redeemed

Upon full redemption of the Class A Notes, pursuant to Clause 12 of the Priority of Payments, 90% of the total cash balance in the Operating Accounts remaining (after application of Clause 1 to Clause 11 of the Priority of Payments) was used to redeem the outstanding US$12m of Class B Notes. This resulted in the Class B Notes being fully redeemed.

For more information on the Class B Notes redemption, please refer to the latest distribution report.


Class C Notes Partially Redeemed

Upon full redemption of the Class B Notes, pursuant to Clause 13 of the Priority of Payments, 90% of the total cash balance in the Operating Accounts remaining (after application of Clause 1 to Clause 12 of the Priority of Payments) was used to redeem the outstanding US$110m of Class C Notes. This resulted in US$76m of Class C Notes being redeemed.

Future semi-annual interest PIK interest payments of 9.25% per annum to Class C Noteholders will be based on the outstanding principal balance of the Class C Notes. 

For more information on the Class C Notes redemption, please refer to the latest distribution report.


Outstanding Notes

Class Class A-1 Notes Class A-2 Notes Class B Notes Class C Notes
Principal Amount S$228m
(US$170m)
US$170m US$100m US$110m1
Notes Redeemed US$170m
*fully redeemed*
US$170m
*fully redeemed*
US$100m
*fully redeemed*
US$76m
*partially redeemed*
Interest Rate Per Annum 3.90% 4.65% 6.50% 9.25% PIK
Interest Rate Step-Up Per Annum 1.0% 1.0% N/A N/A
Scheduled Call Date 8 July 2019 8 July 2021 - -
Maturity Date 8 July 2026 8 July 2026 8 July 2026 8 July 2026
Ratings (Fitch / S&P) A+sf2 / A+ (sf)3 A+sf4 / Not rated A+sf5 / Not rated Not rated
Redemption Premium 0.3% of Class A-1 principal amount N/A N/A 5.0% of cash flows

Click the links to access the Fitch Ratings Report as well as S&P's Presale Report.

1The Class C Principal includes 10 periods of PIK interest.

2The Class A-1 Notes were rated Asf at launch by Fitch and were upgraded to A+sf on 10 July 2017. Click here for the press release.

3The Class A-1 Notes were rated A (sf) at launch by S&P and were upgraded to A+ (sf) on 27 September 2017. Click here for the press release.

4The Class A-2 Notes were rated Asf at launch by Fitch and were upgraded to A+sf on 17 May 2019. Click here for the press release.

5The Class B Notes were rated BBBsf at launch by Fitch and were upgraded to BBB+sf on 17 May 2019. Click here for the press release. The notes were then upgraded from BBB+sf to Asf by Fitch on 28 April 2020. Click here for the press release.  The notes were then upgraded from Asf to A+sf by Fitch on 22 Feb 2021. Click here for the press release. 


Astrea III Information Memorandum dated 21 June 2016


The information memorandum posted up on this website is being provided as a historical, reference source only and is not being used, and no one is authorised to use, disseminate or distribute it, in connection with any offer, invitation or recommendation to sell or issue, or any solicitation of any offer to purchase or subscribe for, securities. The information memorandum is current only as at its date and the availability of the information memorandum on this website shall not create any implication that there has been no change in the Issuer's affairs since the date of the information memorandum or that the information, statements or opinions contained therein is current as at any time subsequent to its date. The Issuer is not under any obligation to update the information memorandum. The information memorandum may contain forward-looking statements and these statements, if included, must be read with caution as set forth in the section "Forward-looking statements" in the information memorandum. All information contained in the information memorandum regarding the Fund Investments (as defined in the information memorandum) has not been prepared, reviewed or approved by any PE Fund (as defined in the information memorandum), the general partner or manager of any PE Fund, or any of their affiliates. The Issuer does not provide any advice relating to the business, financial, legal, taxation or investment matters of any recipient of any information or the information.