Description

Modification to the terms of Series A and Series B Debentures, reducing coupon rate step-up from existing rates to 0.25% p.a.

Summary

Tyger Capital Private Ltd has modified the terms of its Series A and Series B Debentures, specifically reducing the coupon rate step-up provisions. The amendment reduces the step-up rate for both series from their existing higher rates to a uniform 0.25% per annum.

Key Points

  • Series A Debentures: Coupon rate step-up reduced from 0.4915% p.a. to 0.25% p.a.
  • Series B Debentures: Coupon rate step-up reduced from 0.4689% p.a. to 0.25% p.a.
  • Step-up rate applies from Put Option Date/Call Option Date until respective Maturity Date
  • Amendments made to Clause 2.3.2 (a) and (b) of the Debenture Trust Deed

Regulatory Changes

Formal modification to the Debenture Trust Deed provisions governing coupon rate step-up mechanisms for both Series A and Series B Debentures.

Compliance Requirements

  • Debenture holders to be informed of the modified terms
  • Updated Debenture Trust Deed provisions to be implemented
  • Compliance with debt securities modification procedures

Important Dates

  • Step-up rate applicable from respective Put Option Date/Call Option Date
  • Modified rates payable until respective Maturity Date

Impact Assessment

The modification represents a favorable change for the issuer (Tyger Capital) as it reduces the cost of debt service through lower step-up rates. For debenture holders, this represents a reduction in potential returns from the step-up provision, though the impact depends on whether the option dates are triggered.

Impact Justification

Material modification to debenture terms affecting coupon rates for existing debt securities