The Astrea V Class A-2 Bonds that were placed to institutions and accredited investors were also fully redeemed while 58% of the Class B Bonds were partially redeemed. Class B Bonds will be further amortised in subsequent periods, in accordance with the prescribed priority of payments.
Azalea Investment Management has announced the full redemption of Astrea V Class A-1 Bonds. These bonds were Singapore’s second listed retail private equity (PE) bonds. The Class A-1 Bonds are redeemed on June 20, 2024 on the scheduled call date, five years from its issuance in 2019.
In addition to receiving the principal amounts, Class A-1 Bondholders also received a bonus redemption premium of 0.5% of the principal amount. This premium was paid because the performance threshold was met when the sponsor received cumulative cashflow exceeding 50% of its equity in the transaction, thus allowing the bonus redemption premium to be paid at redemption.
