VIBGSP 7.350% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

Vibrant Group Ltd

Indicative

Full Lot

Bid Price

100.000

Change in Bid Price

Bid Yield (%)

3.545 %

Change in Bid Yield

Ask Price

100.000

Change in Ask Price

Ask Yield (%)

3.545 %

Change in Ask Yield

Indicative price as of 16 Oct 2017, 12:00am

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Bond Information

Vibrant Group Limited operates a logistics, real estate and financial services group. The Company provides international freight forwarding, chemical storage, warehousing and distribution, and record management. Vibrant Group also engages in real estate development and management as well as provides fund management, financial leasing services, and asset and trust management.

Bond Issuer

Vibrant Group Ltd

Guarantor

Announcement Date

02 Apr 2014

Issue Date

11 Apr 2014

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / -

Modified Duration

7.821 @ 16 Oct 2017

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

7.350

Coupon Type

Variable

Annual Coupon Rate

7.350

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 11Oct2017 & 3 Yrs thereafter
Reset Rate: 3Yr SOR + Initial Spread (626.1bps) + 500bps

ISIN

SG6PF6000006

CUSIP

EK1600528

Bond Currency

SGD

Total Issue Size

Outstanding Issue Size

100,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

Bond Type

High Yield Corporate

Bond Sector

Industrials

Bond Sub Sector

Air Freight and Logistics

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

DIVIDEND PUSHER

12-month period

a dividend, distribution or other payment has been declared or paid on or in respect of any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer's Parity Obligations; or
any of the Issuer's Junior Obligations has been redeemed, reduced, cancelled, bought back or acquired for any consideration or, in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer's Parity Obligations has been redeemed, reduced, cancelled, bought back or acquired for any consideration

CUMULATIVE DISTRIBUTION

ADDITIONAL DISTRIBUTION
- Each amount of Arrears of Distribution (Deferred Distribution) shall bear interest as if it constituted the principal of the Perpetual Securities at the Distribution Rate or Rate of Distribution

DIVIDEND STOPPER
- On any Distribution Payment Date, payments of all distribution 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:
  - 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 in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer’s Parity Obligations; or
  - 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 in relation to Subordinated Perpetual Securities only, (except on a pro-rata basis) any of the Issuer’s Parity Obligations

Reference from Information Memorandum dated 25 March 2014 and Pricing Supplement dated 9 April 2014

Issuer Call

The Issuer may, by giving not less than 30 days' nor more than 60 days' prior notice to the Perpetual Security holders, redeem all or some of the Perpetual Securities on 11 October 2017 and each Distribution Payment Date thereafter. Any such redemption of Perpetual Securities shall be at their Redemption Amount, together with distribution accrued (including any Arrears of Distribution and any Additional Distribution Amount) to (but excluding) the date fixed for redemption.

Any partial redemption of the Perpetual Securities be made on a pro rata basis.

[Extracted from Information Memorandum dated 25 March 2014 and Pricing Supplement dated 9 April 2014]

Coupon Step

The Distribution Rate applicable to the Perpetual Securities shall be: (i) in respect of the period from, and including, the Issue Date to, but excluding, the Step-Up Date, 7.35 per cent. per annum; and (ii) in respect of the period from, and including, the Step-Up Date and each Reset Date falling thereafter to, but excluding, the immediately following Reset Date, the Reset Distribution Rate

"Reset Distribution Rate" means the Swap Offer Rate with respect to the relevant Reset Date plus the Initial Spread (626.1 bps) plus the Step-Up Margin (500 bps)

[Extracted from Information Memorandum dated 25 March 2014 and Pricing Supplement dated 9 April 2014]

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