HPLSP 4.400% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

Hotel Properties Limited

Indicative

Full Lot

Bid Price

99.450

Change in Bid Price

Bid Yield (%)

Change in Bid Yield

Ask Price

99.950

Change in Ask Price

remove 0.060

Ask Yield (%)

Change in Ask Yield

Indicative price as of 22 Oct 2024, 12:00am

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Bond Information

Hotel Properties Limited, through its subsidiaries, operates and manages hotels. The Company also operates restaurants and retails and distributes food and fashion merchandise. In addition, Hotel Properties trades shares, develops and invests in properties, hotels, and resorts.

Bond Issuer

Hotel Properties Limited

Guarantor

Announcement Date

15 Oct 2019

Issue Date

22 Oct 2019

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.544

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.400

Coupon Type

Variable

Annual Coupon Rate

4.400

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 22 Oct 2024 & every 5 years thereafter
Reset Rate: Prevailing SGD 5Y SOR plus the Initial Spread (291.5bps)

ISIN

SGXF64305638

CUSIP

ZQ1493266

Bond Currency

SGD

Total Issue Size

160,000,000

Min. Investment Quantity (Nominal)

SGD 250,000

Incremental Quantity (Nominal)

SGD 250,000

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)

Deferral Interest Payment

If Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect (in the circumstances set out in Condition 4(IV)(a)) to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued distribution. The Issuer is not subject to any limit as to the number of times distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

If Additional Distribution is set out hereon, each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Perpetual Securities at the Distribution Rate or Rate of Distribution (as the case may be) and the amount of such interest (the "Additional Distribution Amount") with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the applicable Distribution Rate or Rate of Distribution (as the case may be) to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added, for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.

If a Dividend Pusher is set out hereon, the Issuer may not elect to defer any distribution if during the Reference Period (as specified in the applicable Pricing Supplement) ending on the day before that scheduled Distribution Payment Date, either or both of the following (each such event a "Compulsory Distribution Payment Event") have occurred:

(i) a dividend, distribution or other payment has been declared or paid on or in respect of any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations; or

(ii) any of the Issuer's Junior Obligations has been redeemed, reduced, cancelled, bought back or acquired for any consideration or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations has been redeemed, reduced cancelled, bought back or acquired for any consideration, and/or as otherwise specified in the applicable Pricing Supplement.

Dividend Pusher: look-back 12 months

If Dividend Stopper is so provided on the face of the Perpetual Non-Payment Security and the relevant Pricing Supplement and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of Condition 4(IV)) of the Perpetual Securities, the Issuer shall not and shall procure that none of its subsidiaries shall:

(i) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on, any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations; or

(ii) redeem, reduce, cancel, buy-back or acquire for any consideration, and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of, any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations,

Issuer Call

Callable on 22 Oct 2024 and every 6 months thereafter at 100.

Coupon Step

100 bps on 22 Oct 2029.

Change Control Call

If so provided in the applicable Pricing Supplement, the Perpetual Securities may be redeemed at the option of the Issuer in whole, but not in part, on any Distribution Payment Date or, if so specified in the applicable Pricing Supplement, at any time on giving not less than 30 nor more than 60 days' notice to the Perpetual Securityholders (which notice shall be irrevocable), at their Redemption Amount, (together with distribution (including Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fi xed for redemption), following the occurrence of a Change of Control Event (as specified in the applicable Pricing Supplement).

"Change of Control Event" means:

(a) any Person or Person or Persons (acting together with its related corporations) (other than Permitted Holders) acquires or acquire Control of the Issuer, if such Person or Persons does not or do not have, and would not be deemed to have, Control over the Issuer on the Issue Date; or

(b) the Issuer consolidates with or merges into or sells or transfers all or substantially all of the Issuer's assets to any other Person or Persons (acting together with its related corporations) (other than Permitted Holders), 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:

(a) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or

(b) the right to appoint and/or remove all or the majority of the members of the Issuer's board of directors, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise

Change of Control Event Margin: 3.00 per cent.

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