Bangkok--Jun 30--Ratchaburi Electricity
Ratchaburi Electricity Generating Company Limited, a subsidiary of Ratchaburi Electricity Generating Holding Public Company Limited (RATCH), will issue 10,000 baht un-subordinated and secured debentures offering to institutional investors and general public. The issuance is a part of 34,262 baht refinancing scheme of the company.
The 10 billion baht instruments will divide into 2 tranches according to maturity which are three years and five years. The three-year maturity with total worth 7 billion baht bears a fixed interest rate. Interest and principal repayment will be made every three-month, the first payment will be in September 30, 2005. The five-year maturity with total worth 3 billion baht carries a fixed interest rate for the 1st — 2nd year and a float interest rate for the rest of 3rd — 5th year. Interest and principal repayment will be made every three-month, the first payment will be in September 30, 2005.
All of the debentures will be initially offered to institutional investors and general public approximately the end of July 2005. The debentures underwriters are Kasikorn Bank Public Company Limited, Krungthai Bank Public Company Limited, Thai Military Bank Public Company Limited, and Bank of Ayudhya Public Company Limited.
Mr. Prachuab Ujjin, Managing Director of Ratchaburi Electricity Generating Company Limited disclosed the working progress that ”SCB Securities Company Limited has already filed the debenture information and applied for the permission to issue debenture from the Securities and Exchange Commission (SEC) while the progress is now under the consideration. Meanwhile, the underwriters are under process of book building following the roadshows to investors in order to attain the appropriate value of the interest rates. However, the debentures have been projected to offer to the general public approximately by the end of July 2005.”
On June 29, 2005, the company and its 4 underwriters will arrange the roadshow for information presentation on the company’s debenture issuance to investors. Kasikorn Bank Public Company Limited, as a representative of co-underwriters, revealed that “ The debentures of Ratchaburi Electricity Generating Company Limited have dramatically drawn interest from both institutional investors and general public due to its low risk as the company has a financial strength and stable cash flow from its operation of Ratchaburi Power Plant with a long-term Power Purchase Agreement (PPA) with EGAT. At the present, the underwriters are studying for appropriateness of the interest rate which will be announced afterward.
Ratchaburi Electricity Generating Company Limited, a wholly-owned subsidiary of Ratchaburi Electricity Generating Holding Public Company Limited, was established on March 20, 2000 with current registered capital of 18,275 million baht. The company is the largest independence power producer in Thailand and operates 3,645-Megawatt Ratchaburi power plant accounting for 14% of the country’s installed capacity. Ratchaburi Power Plant covers 2,158 rai of land spread over the Damneonsaduak, Photharam and Muang Districts in Ratchaburi province. It has entered to the 25-year Power Purchase Agreement (PPA) with EGAT Public Company Limited and the 25-year Gas Sales Agreement (GSA) with PTT Public Company Limited.
For the Operating Performance of 2004, the company has the average Equivalence Availability Factor (EAF) of Thermal Power Plant and Combined-Cycle Power Plant at 96% and 92% respectively. Meanwhile, its revenue received from the electricity sales has increased by 11.8% or equivalent to 39,714 million baht rising from 35,528 million Baht in the year 2003. Its debt service coverage ratio (DSCR) without reserve accounts and after net changes in working capital was 1.7 times in 2004.
Recently, the credit rating of Ratchaburi Electricity Generating Company Limited is rated at “AA-“ by TRIS. The rating reflects its stable cash flows derived from well-designed and state-of-the-art Ratchaburi Power Plants together with the shareholder and operator’s long experience in power sector.
Ratchaburi Electricity Generating Company Limited will continue to receive a stable cash flow from its electricity sales of Ratchaburi Power Plant, and it is capable to maintain its operational performance in line with the PPA targets.
Learn more about Ratchaburi Holding, visit our web site at
www.ratch.co.th
Information for media contact:
Charusuda Boonkerd / Wiwan Phayakvichien
Public Relations Department
Ratchaburi Electricity Generating Holding PCL.
Tel. 0 2978 5061-3 Fax 0 2937 9321
Email: [email protected] , [email protected] End.