Bangkok--5 Sep--Glow Energy
On 31 August, 2011, Glow successfully issued a 10-year bond totaling THB 5,555 million with fixed coupon rate of 5%. The fund from bond issuance will be used mainly to refinance project finance loans of Thai National Power (TNP). Glow completed the TNP acquisition on 28 July, 2011, where today TNP has 143 MW capacity in operation and 110 MW capacity under construction, with scheduled commercial operation at the end of 2012.
Mr. Suthiwong Kongsiri, CFO of Glow Group, commented: "As part of our plan to enhance return on TNP acquisition, refinancing is the biggest synergy element. We initially targeted to raise this time only THB 3,000 million to prepay outstanding amount of TNP’s project finance loans, and to raise next year another THB 3,000 million for completing TNP’s expansion, TNP2 project. Nevertheless, with overwhelming demand from investors, we successfully placed THB 5,555 million in total, at very attractive 5% fixed interest rate for 10 years. The amount issued already covers most of TNP2 project funding requirement. This success not only helps us deliver planned value creation, but it also reflects confidence of investors in our solid business fundamentals and financial strengths, despite volatility in financial markets during last weeks."
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 1,945 MW (Glow’s stake is 1,860 MW) of electricity and 1,046 tons per hour of steam.
Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
IPR-GDF SUEZ Asia is Glow Energy’s major shareholder and is part of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ please visit the companies’ website at www.gdfsuez.com. Information on International Power Plc: www.iprplc-gdfsuez.com. For more information about the Glow Group please visit www.glow.co.th.