SJMHOL 4.500% 27Jan2026 Corp (USD)

Bond Factsheet

Matured/ Called

Champion Path Holdings Limited

Indicative

Full Lot

Bid Price

99.892

Change in Bid Price

remove 0.015

Bid Yield (%)

Change in Bid Yield

Ask Price

100.149

Change in Ask Price

0.032

Ask Yield (%)

Change in Ask Yield

Indicative price as of 27 Jan 2026, 12:00am

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Bond Information

Bond Issuer

Champion Path Holdings Limited

Guarantor

SJM Holdings Limited

Announcement Date

20 Jan 2021

Issue Date

27 Jan 2021

Maturity Date

27 Jan 2026

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.500

Coupon Type

Fixed

Annual Coupon Rate

4.500

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

XS2289202587

CUSIP

BN5837628

Bond Currency

USD

Total Issue Size

500,000,000

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)

***/ BB-

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Issuer Call

At any time from time to time on or after January 27, 2024, the Issuer may on any one or more occasions redeem the Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, to (but not including) the redemption date if redeemed during the twelve-month period beginning on January 27 of the years indicated below:

Period	Redemption Price
2024	102.250%
2025 and thereafter	101.125%

Make Whole Call

At any time prior to January 27, 2024, the Issuer may redeem the Notes, in whole or 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 verifying or calculating 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 the principal amount of such Note on January 27, 2024 (such redemption price being described in the third paragraph in "Optional Redemption" exclusive of any accrued interest), plus all required remaining scheduled interest payments due on such Note through January 27, 2024 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate plus 50 basis points, over (B) the principal amount of such Note on such redemption date.

Change Control Put

Not later than 20 days following a Change of Control Triggering Event, the Issuer and the Parent Guarantor 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 merger, amalgamation or consolidation of the Parent Guarantor with or into another Person (other than STDM) or the merger or amalgamation of another Person (other than STDM) with or into the Parent Guarantor, or the sale of all or substantially all the assets of the Parent Guarantor to another Person (other than STDM);

(2) STDM is the "beneficial owner" (as such term is used in Rule 13d-3 of the Exchange Act) of less than 51% of the total voting power of the Voting Stock of the Parent Guarantor;

(3) the adoption of a plan relating to the liquidation or dissolution of the Parent Guarantor; or

(4) the first day on which Parent Guarantor ceases to own, directly or indirectly, 100% of the Voting Stock of the Issuer or Sociedade de Jogos de Macau, S.A.

"Change of Control Triggering Event" means the occurrence of both a Change of Control and, provided that the Notes are rated by at least one Rating Agency, a Rating Decline.

Equity Call

At any time and from time to time prior to January 27, 2024, the Issuer may at its option redeem up to 35% of the aggregate principal amount of the Notes with the Net Cash Proceeds of one or more Equity Offerings at a redemption price of 104.500% of the principal amount of the Notes redeemed, 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 45 days after the closing of the related Equity Offering.

Holder Put

Not later than ten days following the occurrence of a Special Put Option Triggering Event, the Issuer and the Parent Guarantor will make an Offer to Purchase all outstanding Notes (a "Special Put Option Offer") at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, and Additional Amounts, if any, to (but not including) the Offer to Purchase Payment Date.

"Special Put Option Triggering Event" means:

(1) any event after which none of the Parent Guarantor or any of its Subsidiaries has such licenses, concessions, subconcessions or other permits or authorizations as are necessary for the Parent Guarantor and its Subsidiaries to own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as the Parent Guarantor and its Subsidiaries are entitled to at the Original Issue Date, for a period of 20 consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of operations of the Parent Guarantor and its Subsidiaries, taken as a whole; or

(2) the termination, rescission, revocation or modification of any Gaming License which has had a material adverse effect on the financial condition, business, properties, or results of operations of the Parent Guarantor and its Subsidiaries, taken as a whole.

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