Bangkok--Sep 9--Thai Olefins
Mr. Aditheb Bisalbutr, President of Thai Olefins Plc. (TOC), signed Baht 3 billion non-collateralized loan agreement with the Government Savings Bank. The loan will replace the existing collateralized debt with Krung Thai Bank and to enhance financial flexibility and cash management in addition the new loan conditions is more relax and suit with the investment programs of TOC. Under this program, TOC will be able to save approximately Baht 80 million interests for the entire existing loan period.
For US$ currency loan portion, TOC is also finalizing the US$ 100 million non-collateralized revolving loan agreement with Mizuho Corporation Bank and DBS Bank as the arrangers to replace collateralized debt with ABN AMRO Bank N.V. This program will relax some conditions to allow more flexibility and save approximately Baht 60 million interests. TOC is currently discussing details with its arranger and expected to conclude this by the end of September 2005. End.