Bangkok--8 Sep--Glow Energy
Glow Energy Plc. (A+ rating with stable outlook from TRIS rating) successfully issued a 10-year bullet debenture to institutional and high-networth investors. The coupon rate is 3.95% per annum. This issuance was co-underwritten by Krung Thai Bank and Bank of Ayudhya.
Mr.Brendan Wauters, Chief Executive Officer of Glow Group, commented: "The success of this issuance, notwithstanding the recent volatility in financial markets, clearly reflects the confidence investors have in the business fundamentals and the financial standing of our company. The funds raised will be used primarily to refinance debt maturing in the course 2015. The issuance of these long-tenor bonds will contribute to increasing the average maturity of our corporate finance debt, and is in line with our commitment to optimize our capital structure on an ongoing basis."
Mr. Payong Srivanich, Senior Executive Vice President – Managing Director Global Markets Group of Krung Thai Bank, and Mr.Masaaki Suzuki, Head of JPC/MNC Banking of Bank of Ayudhya, as lead underwriters of the issuance, commented: "This debenture issuance is considered as a great success not only for the Company but also for both banks as lead underwriters, considering the volatile capital market environment during the time of placement. The demand from investors was overwhelming, with more than 5 times over subscription. Such placement success clearly reflects confidence of investors in solid financial performance, trust in vision and achievements of management throughout the years of excellent operation, and good prospects for continued solid demand in future fund raising of Glow Group."