Bangkok--4 Aug--TMB
Macquarie and TMB Macquarie Securities (Thailand), a joint venture between TMB Bank and Macquarie Bank, applauded the successful completion of Bangkok Dusit Medical Services PCL’s US$124 million (4,731,840,000 baht) convertible bond, the first international fully-marketed Thai convertible bond since the Asian Crisis. The issue was completed, with the over-allotment option fully exercised, on July 13th only nine weeks after the transaction was initiated and was subsequently listed on the Singapore Stock Exchange.
Macquarie and TMB Macquarie Securities (Thailand) were appointed sole lead manager and Thai advisor, respectively, of the convertible bond issued by Bangkok Dusit Medical Services PCL, the largest operator of private hospitals in Thailand and one of the top 11 Thai companies ranked by Forbes magazine.
This convertible bond issue represented an innovative product benefiting from the unique synergy of TMB Bank and Macquarie group. It allowed Bangkok Dusit Medical Services PCL to repay part of its existing debt and to service its working capital requirements and future expansion plans. The bond has a tenor of five years and bears an interest of 3.75% per annum. The conversion price is set at Baht 36.30 per share, representing a premium of approximately 21% to Bangkok Dusit Medical Services PCL’s average share price prior to offering date. It was globally distributed with strong demand from countries in North America, Europe and Asia.
With the issuance of this convertible bond, Bangkok Dusit Medical Services PCL not only reduces its interest payments, but also negates its exposure to currency risk as the bond is structured with Thai baht as its functional currency. The success of this transaction has highlighted the opportunities available through Thai convertible bonds despite challenging and volatile market conditions.
For further information, please contact:
Darren Woodward
TMB Macquarie Securities (Thailand)
Tel: +662 694 7772