About US$573 million from the amount raised has been used to partially repay existing loans
FITCH Ratings has assigned final ratings of “A+sf” and “Asf” to Astrea 8 Class A-1 and Class A-2 private equity (PE) bonds, respectively.
The ratings were announced on Monday (Jul 22) by Azalea Investment Management, which launched the latest batch of Astrea PE bonds, and are in line with the tentative ratings issued previously.
Azalea said on Jul 18 that the total subscription received for the public offers of both classes of bonds was more than S$1 billion, representing a subscription rate of 3.1 times for the S$260 million and US$50 million of bonds offered.
In Monday’s update, it said that of the total gross proceeds of US$585 million raised from the bonds’ issue, about US$573 million has been used to partially repay “existing equity investor(s) shareholder loan(s), which was incurred in connection with the asset-owning company’s acquisition of the fund investments”.
The remaining US$12 million will be used to pay fees and expenses related to the issue and offering of the bonds.
The Astrea 8 bonds were issued on Jul 19 and commenced trading on the Singapore Exchange on Jul 22.
