Bangkok--13 Jul--Neo Target
Thoresen Thai Agencies PLC (“TTA”) announced that it issued senior unsecured debentures of Baht 4 billion as a private placement to institutional investors in Thailand to refinance existing loans and to increase our working capital. With the successful Baht debentures issue, TTA will have greater financial flexibility to pursue its growth strategy. The debentures were launched in two tranches of Baht 2 billion each, with maturities of five years and seven years at fixed interest rates of 3.60% p.a. and 3.82% p.a., respectively.
M.L. Chandchutha Chandratat, President & Chief Executive Officer of TTA, revealed that “this transaction is the first time that TTA has issued Thai Baht debentures, and we are very pleased with the pricing and maturity structure. Thai Baht debentures will be considered again in the future as a possible financing source for our growth plans.”
The debentures were launched in two tranches of Baht 2 billion each, with maturities of five years (9 July 2015), and 6 years 11months, and 20 days (29 June 2017)and interest rates of 3.60% p.a. and 3.82% p.a., respectively. TTA will pay interest every three months and will pay the entire principal amount on the maturity date”.
The Siam Commercial Bank Public Company Limited was appointed as the underwriter and registrar of both tranches of TTA’s maiden Thai Baht debentures issue. The debentures were issued on 9 July 2010.
“The issue of Thai Baht debentures continues our strong positive track record of capital markets transactions to improve TTA’s already strong financial position. TTA’s sound financial position is reflected in a low debt-to-equity ratio and good cash flow coverage ratio. We continue to seek value added investments, and improved financial flexibility allows us to take advantage of various opportunities when they arise.” M.L. Chandchutha concluded.
About TTA
Thoresen Thai Agencies Public Company Limited (“TTA”) is a strategic investment holding company listed on the Stock Exchange of Thailand. Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. Previously, TTA has only invested and operated in the dry bulk shipping and related shipping services business. Then, the company has also expanded its investments into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited, and petroleum tankers through Petrolift, Inc.
For further information, please contact:
Thoresen Thai Agencies PLC.
Ravisada Angkeeros or
Ornsutee Kanchanomai
Tel: 02 254 8437 ext. 393 or 290 Email:
[email protected] OR
[email protected]
Neo Target Co.,Ltd. (PR Agency) Narueporn Chevanuntapornchai or Siriarpa Kamjan Tel.02-631-2290-5 Ext 307 or 304
E-mail:
[email protected] OR
[email protected]