The board of directors of Vertex Ventures has issued and allotted two additional classes of redeemable preference shares — 637,000 US dollar Class A redeemable preference shares and 100,000 Singapore dollar Class A redeemable preference shares.
Vertex is a subsidiary of Temasek Holdings.
The shares are priced at US$100 per share and $100 per share, making an aggregate consideration of US$63.7 million and $10 million on July 16.
This is in relation to its multicurrency debt issuance programme first announced in 2021, in which it issued $450 million of seven-year senior unsecured bonds with a 3.3% coupon due 2028.
Vertex says that the subscription money will be utilized to fund investment commitments into Vertex captive and/or network funds.
After the allotment and issuance of these new 637,000 US dollar and 100,000 Singapore dollar redeemable preference shares, the total amount of issued and paid-up Class A redeemable preference shares will increase US$141.4 million to US$205.1 million and from $20.1 million to $30.1 million.
