ARASP 5.200% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

ESR Asset Management Limited

Indicative

Full Lot

Bid Price

100.030

Change in Bid Price

0.044

Bid Yield (%)

5.180 %

Change in Bid Yield

remove 0.229

Ask Price

100.330

Change in Ask Price

0.010

Ask Yield (%)

3.601 %

Change in Ask Yield

remove 0.115

Indicative price as of 05 May 2022, 12:00am

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Bond Information

ARA Asset Management Limited is a real estate fund management company that focuses on the management of publiclisted real estate investment trusts, REITs. The Company manages REITs, private real estate funds, specialist equity funds and offers corporate finance advisory services.

Bond Issuer

ESR Asset Management Limited

Guarantor

Announcement Date

12 Jul 2017

Issue Date

19 Jul 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.299

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.200

Coupon Type

Variable

Annual Coupon Rate

5.200

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 19 Jul 2024 and every 7 years thereafter
Reset Rate: Prevailing SGD 7Y SOR plus the Initial Spread (3.120%) plus (if applicable) the Distribution Step-up (300bps)

ISIN

SG7EB6000007

CUSIP

AO3384846

Bond Currency

SGD

Total Issue Size

300,000,000

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

If Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect to (in the circumstances set out in Condition 4(IV)(a)) 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 Distribution can or shall be deferred pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

DIVIDEND STOPPER

If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distributions scheduled to be made on such date are not made in full by reason of this Condition 4(IV), 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 Issuer's Junior Obligations or (except on a pro rata basis) any of the Issuer's 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 the Issuer's Junior Obligations or (except on a pro rata basis) any of the Issuer's Specified Parity Obligations,

DIVIDEND PUSHER

12 months look-back

Issuer Call

Callable on 19 July 2022 & on every distribution payment date thereafter at par

Coupon Step

300BPS STEP-UP & RESET FROM YEAR 7 (19 Jul 2024)

Change Control Call

REDEMPTION UPON A CHANGE OF CONTROL EVENT: Issuer call at par; else 300 bps step-up

For the purposes of this Condition 5(f):

(i) "Change of Control Event" means:

(1) Mr Lim Hwee Chiang John, The Straits Trading Company Limited, Cheung Kong Property Limited, Warburg Pincus LLP and/or AVIC Trust, cease to own (whether singly or otherwise) 30 per cent. in aggregate, direct or indirect shareholding interest in the Issuer;
(2) any Person or Persons (acting together with its related corporations) (provided that such Person or Persons (and their related corporations) do not include any of the 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
(3) 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) (provided that such Person or Persons (and their related corporations) do not include any of the Permitted Holders), unless the consolidation, merger, sale or transfer will not result in such other Person

(ii) "Control" means:

(1) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or
(2) 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;or Persons acquiring Control over the Issuer or the successor entity;

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