FTLNHD 6.800% 05Aug2023 Corp (USD)

Bond Factsheet

Matured/ Called

New Metro Global Limited

Indicative

Full Lot

Bid Price

98.100

Change in Bid Price

1.325

Bid Yield (%)

Change in Bid Yield

Ask Price

99.900

Change in Ask Price

1.675

Ask Yield (%)

Change in Ask Yield

Indicative price as of 21 Aug 2023, 12:00am

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Bond Information

New Metro Global Limited operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.

Bond Issuer

New Metro Global Limited

Guarantor

Seazen Group Limited

Announcement Date

15 Jan 2020

Issue Date

05 Feb 2020

Maturity Date

05 Aug 2023

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

98.933

Issue / Reoffer Yield

7.150

Coupon Type

Fixed

Annual Coupon Rate

6.800

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

XS2102867483

CUSIP

ZP5119315

Bond Currency

USD

Total Issue Size

350,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

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)

***/ W.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Issuer Call

At any time and from time to time on or after February 5, 2022, the Issuer may at its option redeem the Notes, in whole or in part, at a redemption price equal to 103% of the principal amount of the Notes plus accrued and unpaid interest, if any, to (but not including), the redemption date.

Make Whole Call

At any time and from time to time prior to February 5, 2022, the Issuer may at its option redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including), the redemption date. Neither the Trustee nor any of the Agents shall be responsible for calculating or verifying the Applicable Premium.

"Applicable Premium" means with respect to any Note at any redemption date, the greater of (1) 1.00% of the principal amount of such Note and (2) the excess of (A) the present value at such redemption date of 103% of the principal amount of such Note, plus all required remaining scheduled interest payments due on such Note through February 5, 2022 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate plus 100 basis points, over (B) the principal amount of such Note on such redemption date.

Change Control Put

Not later than 30 days following a Change of Control Triggering Event, the Issuer or the Company will make an Offer to Purchase all outstanding Notes (a "Change of Control Offer") at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to (but not including) the Offer to Purchase Payment Date.

"Change of Control" means the occurrence of one or more of the following events:

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any "person" (within the meaning of Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act")), other than one or more Permitted Holders;

(2) the Company consolidates with, or merges with or into, any Person (other than one or more Permitted Holders), or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for (or continues as) Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and in substantially the same proportion as before the transaction;

(3) (a) the Permitted Holders are the beneficial owners of less than 35.0% of the total voting power of the Voting Stock of the Company and (b) Mr. Wang Xiaosong ceases to be the chairman of the board of directors of the Company;

(4) individuals who on the Original Issue Date constituted the board of directors of the Company, together with any new directors whose election was approved by a vote of at least two-thirds of the directors then still in office who were either directors or whose election was previously so approved, cease for any reason to constitute a majority of the board of directors of the Company then in office;

(5) the Issuer (or any Surviving Person of the Issuer in accordance with the covenant "Consolidation, Merger and Sale of Assets") ceases to be a wholly owned Subsidiary of Seazen Holdings Co., Ltd.; or

(6) the adoption of a plan relating to the liquidation or dissolution of the Company or the Issuer (or any Surviving Person of the Issuer in accordance with the covenant "Consolidation, Merger and Sale of Assets").

"Change of Control Triggering Event" means the occurrence of both a Change of Control and a Rating Decline.

Equity Call

At any time and from time to time prior to February 5, 2022, the Issuer may redeem up to 35% of the aggregate principal amount of the Notes with the Net Cash Proceeds of one or more sales of Common Stock of the Company in an Equity Offering and contributed to the Issuer at a redemption price of 106.8% the principal amount of the Notes, plus accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least 65% of the aggregate principal amount of the Notes originally issued on the Original Issue Date remains outstanding after each such redemption and any such redemption takes place within 60 days after the closing of the related Equity Offering.

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