NAGACL 7.950% 06Jul2024 Corp (USD)

Bond Factsheet

Matured/ Called

NagaCorp Ltd

Indicative

Full Lot

Bid Price

99.197

Change in Bid Price

0.039

Bid Yield (%)

Change in Bid Yield

Ask Price

99.605

Change in Ask Price

remove 0.043

Ask Yield (%)

Change in Ask Yield

Indicative price as of 05 Jul 2024, 12:00am

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Bond Information

NagaCorp Limited is a leisure and tourism company with casino operations in Phnom Penh, the capital city of Cambodia. The Company also offers hotel accommodation, manages food and beverage outlets, recreational facilities, entertainmentand retail operations.

Bond Issuer

NagaCorp Ltd

Guarantor

Subsidiaries

Announcement Date

24 Jun 2020

Issue Date

06 Jul 2020

Maturity Date

06 Jul 2024

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

98.167

Issue / Reoffer Yield

8.500

Coupon Type

Fixed

Annual Coupon Rate

7.950

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

XS2197693265

CUSIP

BK1828700

Bond Currency

USD

Total Issue Size

550,000,000

Outstanding Issue Size

472,155,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Consumer Discretionary

Bond Sub Sector

Hotels Restaurants and Leisure

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Issuer Call

On or after July 6, 2022, the Issuer may redeem all or a part of the Notes upon not less than 10 nor more than 60 days' notice to each holder of Notes, at the redemption prices (expressed as percentages of the principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on July 6 of the years indicated below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment date.

Year	Redemption Price
2022	103.9750%
2023	101.9875%

Make Whole Call

At any time prior to July 6, 2022, the Issuer may also redeem all or a part of the Notes, upon not less than 10 nor more than 60 days' prior notice to each holder of Notes, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the date of redemption (the "Redemption Date"), subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. Any such redemption and notice may, at the discretion of the Issuer, be subject to the satisfaction of one or more conditions precedent.

Except pursuant to the preceding paragraphs and "– Gaming Redemption" and "– Redemption for Taxation Reasons" below, the Notes will not be redeemable at the Issuer's option prior to July 6, 2022.

"Applicable Premium" means, with respect to any Note on any redemption date, the greater of:

(1) 1.0% of the principal amount of the Note; or

(2) the excess of:

(a) the present value at such redemption date of (i) the redemption price of the Note at July 6, 2022 (such redemption price being set forth in the table appearing above under the caption "– Optional Redemption") plus (ii) all required interest payments due on the Note through July 6, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

(b) the principal amount of the Note, if greater.

Change Control Put

Upon the occurrence of a Change of Control, each holder of Notes will have the right to require the Issuer to repurchase all or any part of such holder's Notes pursuant to a Change of Control Offer (as defined below) on the terms set forth in the Indenture. In the Change of Control Offer, the Issuer will offer to purchase the Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Amounts, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).

"Change of Control" means the occurrence of any of the following:

(1) the direct or indirect sale, lease, 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 Issuer and its Subsidiaries taken as a whole to any "person" (as that term is used in Section 13(d) of the Exchange Act) (other than a Permitted Holder);

(2) the adoption of a plan relating to the liquidation or dissolution of the Issuer;

(3) the Permitted Holders cease collectively to beneficially own, directly or indirectly, at least 30% of the outstanding Capital Stock of the Issuer (including any and all agreements, warrants, rights or options to acquire any Capital Stock) (measured in each case by both voting power and size of equity interests);

(4) the consummation of the first transaction (including, without limitation, any merger or consolidation) the result of which is that any Person (including any "person" (as defined above)) becomes the Beneficial Owner, directly or indirectly, of more of the Voting Stock of the Issuer (measured by voting power rather than number of shares) than is at the time Beneficially Owned by the Permitted Holders in the aggregate; or

(5) the Issuer ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of the License Holder (including any and all agreements, warrants, rights or options to acquire any Capital Stock) (measured in each case by both voting power and size of equity interests).

"Change of Control Offer" has the meaning assigned to that term in the Indenture.

Equity Call

At any time prior to July 6, 2022, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price of 107.95% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that:

(1) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by the Issuer and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

(2) the redemption occurs within 45 days of the date of the closing of such Equity Offering.

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