Bangkok--25 Jun--RATCH
Ratchaburi Electricity Generating Holding Public Company Limited announces the success of its subsidiary, Rachaburi Electricity Generating Company Limited [RATCHGEN] in reducing interest rate of 19.797.79 billion baht remaining loan. This attempt saves RATCHGEN 540 million baht interest payment for 6 year period.
Mr. Noppol Milinthanggoon, the president of Ratchaburi Electricity Generating Holding Pcl said that RATCHGEN, the wholly-owned subsidiary, has recently entered the Letter Agreement regarding RATCHGEN’s Tranche A Loan Interest Rate Reduction dated on June 24, 2009 with 6 existing lenders. The interest rate of 19.797.79 billion baht RATCHGEN’s remaining loan as of July 25, 2009 according to the agreement has been adjusted in range of MLR-2% per annum to MLR-2.5% per annum enabling us to minimize interest expense of approximately 540 million baht effectively July 25, 2009.
The agreement signing between RATCHGEN and 6 existing lenders namely; Krung Thai Bank, TMB Bank, Bank of Ayudhya, Government Savings Bank, CIMB Thai bank and Kasikorn Bank, is taken place today (24 June 2009). The adjusted rate will be effective beginning from July 25, 2009 until March 31, 2015 and interest repayment will be made on monthly basis.
“We continue to grow in aspects of capacity and profitability. This success reflects not only our effort on cost efficiency management as planning in our growth strategy, but also continued support from our lenders. Added Mr. Noppol.
Company’s Information
Holding the whole stake by Ratchaburi Electricity Generating Holding PCL., Ratchaburi Electricity Generating Co., Ltd was established in March 2000 to operate power generating business. Currently, the Company is the biggest independent power producer in Thailand with total installed capacity of 3,645 MW as of March 2009 or 12% of total installed capacity of the country consisting of 3 blocks of Combined Cycle power plants with total installed capacity of 2,175 MW and 2 units of Thermal power plant with total installed capacity of 1,470 MW. In February 2009, TRIS Rating has affirmed the Company rating of
Ratchaburi Electricity Generating Co., Ltd. (RATCHGEN) at “AA”. The rating reflects the Company’s stable cash flow from the well-structured and state-of-the-art Ratchaburi Power Plant, long experience in the power sector, and its proven record of managing power plants.