PARKPT 4.250% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

Parkway Pantai Ltd

Indicative

Full Lot

Bid Price

99.004

Change in Bid Price

Bid Yield (%)

6.386 %

Change in Bid Yield

0.015

Ask Price

99.879

Change in Ask Price

Ask Yield (%)

4.478 %

Change in Ask Yield

Indicative price as of 02 Aug 2022, 12:00am

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Bond Information

Parkway Pantai Limited operates as a holding company. The Company, through its subsidiaries, provides health care services, such as medical care, rediology, pathology, liver transplant, orthopaedic surgery, and rehabilitation services. Parkway Pantai serves patients worldwide.

Bond Issuer

Parkway Pantai Ltd

Guarantor

Announcement Date

20 Jul 2017

Issue Date

27 Jul 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.249

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.250

Coupon Type

Variable

Annual Coupon Rate

4.250

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

Reset Date: 27 Jul 2022 and every 5 years thereafter
Reset Rate: UST 5Y + 4.430%

ISIN

XS1652511566

CUSIP

AO3597850

Bond Currency

USD

Total Issue Size

500,000,000

Outstanding Issue Size

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Health Care

Bond Sub Sector

Health Care Providers and Services

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 Deferral

Any Distribution validly deferred pursuant to this Condition 4.6 shall constitute Arrears of Distribution. The Issuer may, at its sole discretion, elect to further defer any Arrears of Distribution (and, if applicable, any Additional Distribution Amount) by complying with the foregoing notice requirement applicable to any deferral of Distribution. The Issuer is not subject to any limit as to the number of times Distributions and Arrears of Distribution may be deferred pursuant to this Condition 4.6.

Dividend Stopper

If Dividend Stopper is specified as being applicable in the applicable Pricing Supplement and, on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason of this Condition 4.6, the Issuer shall not:

(i) voluntarily declare or pay any discretionary dividends, distributions or make any other discretionary payment on, and will procure that no discretionary dividend, distribution or other payment is made on any of its Junior Obligations or Parity Obligations (other than (i) in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants or (ii) in relation to its Parity Obligations, where such payment is made on a pro-rata basis with payment on the Perpetual Securities); or

(ii) voluntarily redeem, repurchase, reduce, cancel, buy-back or acquire for any consideration any of its Junior Obligations or Parity Obligations (other than (i) in connection with any employee benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants, (ii) in relation to a repurchase or redemption of Parity Obligations, where such repurchase or redemption is made on a pro-rata basis with a repurchase or redemption of the Perpetual Securities, or (iii) as a result of the exchange or conversion of its Parity Obligations for Junior Obligations), in each case, unless and until the Issuer (aa) has satisfied in full all outstanding Arrears of Distribution (and, if applicable, any Additional Distribution Amounts) or (bb) is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed) of the Securityholders, and/or as otherwise specified in the applicable Pricing Supplement.

Dividend Pusher

A Compulsory Distribution Payment Event must not occur during the six months ending on the day before the scheduled Distribution Payment Date.

Issuer Call

If Redemption at the Option of the Issuer is specified as being applicable in the applicable Pricing Supplement, the Perpetual Securities may be redeemed by the Issuer in whole or in part on any Optional Redemption Date, on giving not less than 30 nor more than 60 days' notice to the Trustee and the Principal Paying Agent and, in accordance with Condition 12, the Securityholders (which notice shall be irrevocable), and at the Optional Redemption Amount(s) specified in the applicable Pricing Supplement together with Distribution accrued to (but excluding) the relevant Optional Redemption Date. Any such redemption must be of a nominal amount not less than the Minimum Redemption Amount and not more than the Maximum Redemption Amount, in each case as may be specified in the applicable Pricing Supplement.

Callable on 27 July 2022 and every 6 months thereafter.

Coupon Step

Increase in Distribution Rate following a Change of Control

Unless an irrevocable notice to redeem the Perpetual Securities has been given pursuant to Condition 5(f) by the 10th Business Day following a Change of Control (as defined in the applicable Pricing Supplement), the then applicable Distribution Rate will increase once by the Change of Control Margin set out in the applicable pricing supplement, with effect from the date on which that Change of Control occurs.

Change of Control Margin: 2.00 per cent. per annum

Decrease in Distribution Rate

If, following an increase in Distribution Rate upon the occurrence of a Change of Control (as defined in the applicable Pricing Supplement) or (in respect of a Senior Perpetual Security) an Indebtedness Default Event pursuant to Condition 4.7(a) and/or 4.7(b), such Change of Control or Indebtedness Default Event is cured or remedied, or no longer applicable or no longer continuing, then upon notification to the Securityholders (in accordance with Condition 12, the Trustee and the Principal Paying Agent, accompanied by a certificate signed by two Directors of the Issuer stating that the relevant Change of Control and/or Indebtedness Default Event has been cured or remedied, or is no longer applicable or is no longer continuing (as the case maybe) and setting out the details of such circumstances, the applicable Distribution Rate will decrease by the Change of Control Margin or the Indebtedness Default Event Margin, as applicable, set out in the applicable pricing supplement with effect from the next Distribution Payment Date immediately following the date of such notification, provided that the maximum aggregate decrease in the applicable Distribution Rate pursuant to this Condition 4.7(c) shall be as set out in the applicable pricing supplement.

Change Control Call

If Redemption Upon a Change of Control (as defined in the applicable Pricing Supplement) is specified as being applicable in the applicable Pricing Supplement, the Perpetual 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 Trustee and the Principal Paying Agent and in accordance with Condition 12, the Securityholders (which notice shall be irrevocable), at their Early Redemption Amount or Redemption Amount as specified in the applicable Pricing Supplement, together with Distribution (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.

Change of Control means:

(a) IHH Healthcare Berhad or any Person directly or indirectly Controlled by IHH Healthcare Berhad ceases to have Control, directly or indirectly, of the Issuer; or

(b) the Issuer consolidates with or merges into or sells or transfers all or a substantial part of the Issuer's assets to any other Person or Persons, acting together, 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:

(c) the ownership or control of at least 50.1 per cent. of the voting rights of the issued and outstanding share capital of the Issuer; or

(d) the right to appoint and / or remove all or majority of the members of the Issuer's board of directors, whether obtained directly or indirectly, and whether obtained by ownerships of share capital, the possession of voting rights, contracts or otherwise; and Person means any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or agency of a state (in each case whether or not being a separate legal entity).

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