WINGTA 4.080% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

Wing Tai Holdings Limited

Indicative

Full Lot

Bid Price

99.938

Change in Bid Price

0.001

Bid Yield (%)

Change in Bid Yield

Ask Price

100.144

Change in Ask Price

Ask Yield (%)

Change in Ask Yield

Indicative price as of 28 Jun 2022, 12:00am

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Bond Information

Wing Tai Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides property investment and development, lifestyle retail, and hospitality management solutions. Wing Tai Holdings serves customers in Asia.

Bond Issuer

Wing Tai Holdings Limited

Guarantor

Announcement Date

20 Jun 2017

Issue Date

28 Jun 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.231

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.080

Coupon Type

Variable

Annual Coupon Rate

4.080

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

Reset Date: 28Jun2022 & every 5 years thereafter
Reset Rate: Prevailing SGD 5Y SOR plus the Initial Spread (2.370%) plus (if applicable) the Change of Control Margin plus Coupon Step Up Margin (100bps) on 28Jun2027.

ISIN

SG7DG2000002

CUSIP

AO0489739

Bond Currency

SGD

Total Issue Size

150,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Real Estate Management and Development

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Deferral Interest Payment

Cumulative

Any Distribution deferred pursuant to Condition 5(a) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect (in the circumstances set out in Condition 5(a)) to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued Distribution. The Issuer is not subject to any limit as to the number of times Distributions and Arrears of Distributions can or shall be deferred pursuant to this Condition 5 except that this Condition 5(d) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Securities at the Distribution Rate and the amount of such interest (the "Additional Distribution Amount") with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 5 and shall be calculated by applying the applicable Distribution Rate to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added, for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.

Dividend Stopper

If, on any Distribution Payment Date, payment of Distributions (including Arrears of Distribution and Additional Distribution Amount) scheduled to be made on such date is not made in full by reason of this Condition 5, the Issuer shall not and shall procure that none of its subsidiaries shall:

(i) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on any of the Junior Obligations or (except on a pro rata basis with the Securities) any of its Specified Parity Obligations; or
(ii) redeem, reduce, cancel, buy-back or acquire for any consideration and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of, any of its Junior Obligations or (except on a pro rata basis with the Securities) any of its Specified Parity Obligations , unless and until the Issuer (1) has satisfied in full all outstanding Arrears of Distribution and any Additional Distribution Amount; or (2) is permitted to do so by an Extraordinary Resolution.

Dividend Pusher

Look-back 12 months

Issuer Call

The Issuer may, on giving not less than 30 nor more than 60 days' irrevocable notice to the Securityholders, the Agents and the Trustee, redeem all (and not some only) of the Securities on [TBD] 2022 or any Distribution Payment Date thereafter. Any such redemption of Securities shall be at their principal amount (together with Distributions (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption). All Securities in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition 6(c).

Callable on 28 June 2022 & on every distribution payment date thereafter at 100.

Coupon Step

Coupon Step Up of 100 bps on 28 June 2027

Change of Control Step Up of 100 bps.

Change Control Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days' notice to the Securityholders, the Agents and the Trustee (which notice shall be irrevocable), at their principal amount (together with Distributions (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), following the occurrence of a Change of Control Event.

For the purposes of these Conditions:

"Change of Control Event" means:

(i) any Person or Persons (acting together with its related corporations) (other than Permitted Holders) acquires or acquire Control of the Issuer, if such Person or Persons does not or do not have, and would not be deemed to have, Control over the Issuer on the Issue Date; or
(ii) the Issuer consolidates with or merges into or sells or transfers all or substantially all of the Issuer's assets to any other Person or Persons (acting together with its related corporations) (other than Permitted Holders), unless the consolidation, merger, sale or transfer will not result in such other Person or Persons acquiring Control over the Issuer or the successor entity;

"Control" means:

(i) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or
(ii) the right to appoint and/or remove all or the majority of the members of the Issuer's board of directors, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise;

Change of Control Call at Par, else 100 bps step-up.

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