Issue of US$501 million asset-backed securities by Astrea IV Pte. Ltd.
Allen & Gledhill acted as transaction counsel and legal adviser to Astrea IV Pte. Ltd. (“Astrea IV”) on the issue of S$242 million Class A-1 secured fixed rate bonds due 2028, US$210 million Class A-2 secured fixed rate bonds due 2028 and US$110 million Class B secured fixed rate bonds due 2028 (collectively, the “Bonds”).
The Bonds are the first retail bonds in Singapore backed by cash flows from private equity funds. This transaction was a significant milestone in the development of Singapore’s capital markets, as it was the first transaction in Singapore to make private equity accessible to retail investors through a private equity bond structure.
Acting for Astrea IV on Singapore law were Allen & Gledhill Partners Yeo Wico, Jeanne Ong, Andrew Chan, Danny Tan and Ng Wuay Teck.
Acting for Astrea IV on Singapore tax issues was Allen & Gledhill Partner Lim Pek Bur.