Thanks for providing the links, this is the missing piece of the puzzle from the credit ratings report on May 21st, and the default clauses are known for each debenture. Edit: I linked the wrong post.
- Failure of the company to make payment as per Original Repayment Schedule
- Failure of the Issuer to exercise or honour the call option on the Call Option Date
- Rating downgrade of the Issuer below A-
- Rating downgrade of the debentures below AA (CE)
- PAR > 60 in the loans constituting the Asset is greater than 5% of the aggregate outstanding principal amounts of the loans constituting the Asset
- Failure to maintain minimum security cover
- Any change in regulation/guidelines
- Failure to certify/confirm the non-occurrence of any Credit Events in the manner prescribed in the Transaction Documents
- Issuer has defaulted in making any payments due on its financial indebtedness
Edit 2: There’s a long memorandum attached as a part of this, which may contain more details. File is too large to attach.
This may be painfully obvious, but worth underlining that the debentures have a clause which prevent Ugro financing dividends through debt:
Negative Covenants: […][Ugro agrees not to] declare or pay any dividend or make any distributions on its equity or preference shares or other shares compulsorily convertible into equity shares, unless the proposed payment or distribution
is out of the net income of the current Financial Year (excluding any amount resulting from the revaluation of any of the Issuer’s assets).