Bangkok--29 Apr--Minor International
Minor International (MINT) is pleased to announce that it has secured a total of Baht 4.0 billion 7 years credit facility, comprising of THB 2.5 billion syndicated term loan from KASIKORNBANK and Bank of Ayudhya and THB 1.5 billlion term loan from KASIKORNBANK. Proceeds from the credit facility will be used to refinance outstanding bond and term loans that are due in 2009 and 2010 which will allow MINT to enjoy greater financial flexibility and levelize its debt maturity profile. The vote of confidence to provide the long financing tenor of 7 years by KASIKORNBANK and Bank of Ayudhya, who are amongst Thailandีs leading financial institutions, reflects MINTีs strong business and financial position.
MINT is also considering a plan to issue debentures with a purpose of debt re-financing and interest saving in later this year. The company is closely monitoring the market and will decide on the appropriate size and timing of the issue.
William E. Heinecke, Chairman and Chief Executive Officer of Minor International, said: าOur hotel and restaurant businesses have historically persevered despite 9/11 in 2001, SARs in 2003, Bird Flu in 2004, a Tsunami in 2005, and a Coup in 2006. We believe that our best days are still ahead of us and are delighted that both KASIKORNBANK and Bank of Ayudhya share our view.
Pratana Mongkulkul, Chief Financial Officer of Minor International, said: าOur diverse portfolio of hotel and restaurant businesses continue to show very strong resilience to the challenges that exist in the current business environment. We are delighted that KASIKORNBANK and Bank of Ayudhya also understand this and we are grateful for their support.ำ
About Minor International: Minor International (MINT) is Thailandีs largest food service operator with over 1,000 outlets system wide under The Pizza Company, Swensenีs, Sizzler, Dairy Queen, Burger King, Thai Express and the Coffee Club brands. MINT is also a hotel owner, operator and investor with a portfolio of 27 hotels under the Anantara, Marriott, Four Seasons, Elewana and Minor International brands in Thailand, the Maldives, Vietnam, Africa, the Middle East and Indonesia. In January 2009, MINT was recognized by Asia Money magazine as Thailandีs Best Managed Medium Cap Company for financial and business performance, management strategy and vision, and shareholder value creation. The Companyีs operations for its owned and managed properties and franchised food outlets currently cover 16 countries with over 20,000 employees worldwide. For more information, please visit www.minorinternational.com