Bangkok--21 Jul--TTA
(Bangkok, 21 July 2010) On 19 July 2010, Thoresen Thai Agencies PLC (“TTA”) confirmed the repurchase and cancellation of another USD 10.5 million of the company’s convertible bonds to reduce long-term debt.
M.L. Chandchutha Chandratat, President & Chief Executive Officer of TTA, revealed that “TTA repurchased and cancelled USD 10,500,000 of convertible bonds. Altogether, we have repurchased USD 66,900,000 of convertible bonds and reduced the outstanding principal amount of the Bonds to USD 102,900,000. We will record a gain of approximately Baht 11 million from this last repurchase.”
“We continuously weigh the use of our capital between building our business through investment in new projects and increasing our financial flexibility through repayment of debt. This transaction will decrease a portion of TTA’s long-term debt.” M.L. Chandchutha concluded.
TTA has issued and offered USD 169,800,000 Convertible Bonds to investors outside of Thailand on 24 September 2007.