Bond Factsheet
ASTLC 7.350% 08Aug2040 Corp (USD) - Class B PIK
Astrea 9 Pte Ltd
Indicative
Full Lot
Bid Price 95.450
Change in Bid Price 0.350
Bid Yield (%) 7.894 %
Change in Bid Yield 0.043
Ask Price 97.600
Change in Ask Price 0.250
Ask Yield (%) 7.632 %
Change in Ask Yield 0.030
Indicative price as of 29 Sep 2026, 12:00am
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Astrea 9 Pte Ltd
Guarantor
-
Announcement Date
29 Jul 2025
Issue Date
08 Aug 2025
Maturity Date
08 Aug 2040
Years to Maturity / Next Call
13.851 / -
Modified Duration
8.435 @ 29 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.350
Coupon Type
Fixed
Annual Coupon Rate
7.350
Coupon Frequency
Semi Annually
Seniority
Secured
Reference Rate
Payment-in-Kind
ISIN
XS3126630402
CUSIP
BCC3NSGL4
Bond Currency
USD
Total Issue Size
100,000,000
Outstanding Issue Size
103,675,000
Min. Investment Quantity (Nominal)
USD 50,000
Incremental Quantity (Nominal)
USD 50,000
Bond Type
Asset-backed Security
Bond Sector
Private Equity
Bond Sub Sector
Private Equity
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ Asf
Shariah Compliant
No
Exchange Listed
SGX
Current Principal Factor Rate info
1.074850563
Issuer Call
Upon and after full redemption of all of the Class A-1 Bonds and Class A-2 Bonds, on each Interest Accrual Date (which is also a Distribution Date), the Issuer shall apply the Class B PIK (Clause 9) Instalment Amount (as defined in the section “Terms and Conditions of the Class B PIK Bonds — Condition 5(B)”) to redeem at par such part of the outstanding principal amount of all Class B PIK Bonds equal to the Class B PIK (Clause 9) Instalment Amount on a pari passu and pro-rata basis (rounded down, if necessary to the nearest US cent).
In addition, on each Interest Accrual Date (which is also a Distribution Date):
(i) the Issuer shall apply the total cash balance available for the redemption of the Class B PIK Bonds under Clause 6 of the Priority of Payments (the “Class B PIK (Clause 6) Instalment Amount”) to redeem at par such part of the outstanding principal amount of all Class B PIK Bonds equal to the Class B PIK (Clause 6) Instalment Amount on a pari passu and pro-rata basis (rounded down, if necessary to the nearest US cent); and
(ii)the Issuer shall apply the total cash balance available for the redemption of the Class B PIK Bonds under Clause 10 of the Priority of Payments (the “Class B PIK (Clause 10) Instalment Amount”), to redeem at par such part of the outstanding principal amount of all Class B PIK Bonds equal to the Class B PIK (Clause 10) Instalment Amount on a pari passu and pro-rata basis (rounded down, if necessary to the nearest US cent).
Upon each partial redemption of the Class B PIK Bonds pursuant to Condition 5(B) of the Class B PIK Bonds (see the section “Terms and Conditions of the Class B PIK Bonds — Condition 5(B)”), the principal amount of the Class B PIK Bonds outstanding shall be reduced by taking into account the amount of such partial redemption.
Upon each partial redemption of the Class B PIK Bonds pursuant to Condition 5(B) of the Class B PIK Bonds (see the section “Terms and Conditions of the Class B PIK Bonds — Condition 5(B)”), the principal amount of the Class B PIK Bonds outstanding shall be reduced by taking into account the amount of such partial redemption. Under Clauses 6 and 10 of the Priority of Payments, the Class B PIK Bonds can be redeemed prior to the redemption of the Class A Bonds once the Reserves Accounts Cap has been met.
Clean-Up Option
After all of the Class A-1 Bonds and Class A-2 Bonds have been redeemed in full, the Issuer shall have the option of redeeming all (but not some only) of the Bonds at their outstanding principal amount (which for the avoidance of doubt includes any unpaid accrued interest which shall be added to, and form part of, the principal amount) upon the earlier of either (i) the Maturity Date or (ii) any day which is on or after the date on which the total outstanding principal amount of the Bonds is or less than US$50 million (the “Clean-Up Option”). The Issuer may exercise the Clean-Up Option by giving not less than eight days’ notice prior to the date fixed for redemption to the Bonds Trustee, the Non-CDP Paying Agent, the Non-CDP Transfer Agent, the Non-CDP Registrar, the Security Trustee and the Bondholders, specifying the date of redemption (the “Clean-Up Date”) and the redemption amount.
Upon the exercise by the Issuer of the Clean-Up Option, the Issuer may, but is not under any obligation to, procure the sale of all or any of the Fund Investments. The Issuer shall not exercise the Clean-Up Option unless the aggregate amount of funds that it expects to receive (i) through additional Equity Investments from the Sponsor, (ii) through the total balance in all Bank Accounts and Custody Accounts as of the Clean-Up Date, and/or (iii) from the sale of the Fund Investments, will be sufficient to fund the aforesaid redemption amount in full.
Additional Note
The outstanding principal amount of the Class B PIK Bonds bear interest as from (and including) the Issue Date at the rate of 7.35 per cent. per annum, accruing semi-annually on the principal amount of the Class B PIK Bonds outstanding on 8 February and 8 August in each year, starting from the Issue Date in respect of the first interest accrual period. The interest accrued shall (instead of becoming payable) be added to, and form part of, the principal amount of the Class B PIK Bonds at the end of each semi-annual interest accrual period or the due date for redemption of the Class B PIK Bonds, and upon such addition, the principal amount of the Class B PIK Bonds outstanding (after taking into account all partial redemptions and all additions of accrued interest prior thereto) shall be adjusted by taking into account the amount of such addition.
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