Bangkok--14 Aug--Moody's Investors Service
Moody's Investors Service has today affirmed its B1 bond rating for True Move Company Limited ("True Move") with a stable outlook. The issue of the US$225 million, 7-year senior, unsecured bond has been completed and the rating is removed from provisional status.
The bond proceeds will be used to refinance existing Baht-denominated loans.
Headquartered in Bangkok, True Move (formerly TA Orange) with 8.1 million subscribers (as of 31st March 2007), is Thailand's third largest mobile operator. It holds a concession from state-owned CAT Telecom Public Company Limited to operate an 1800-MHz cellular business until 2013.
True Move's (93%) major shareholder, True Corp, is an integrated provider of fixed-line, broadband, internet, mobile services and pay TV; the latter via its recent acquisition of True Visions (formerly UBC).
Listed on the Thai Stock Exchange, True Corp's major shareholder is the Charoen Pokphand Group, with an approximate 30.4% shareholding.
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