Thai Beverage Public Company Limited has successfully issued its latest Thai Baht debentures, raising an aggregate principal amount of THB 38,000 million through a private placement to institutional investors and high-net-worth investors. The debentures attracted strong demand, with total subscriptions reaching 2.97 times the initial amount. The debentures comprise an initial principal of Baht 28,000 million and a greenshoe option of Baht 10,000 million.
They have been assigned an "AA(tha)" rating by Fitch Ratings (Thailand) Limited, which is considered investment grade. The debentures were issued in three tranches, with the following details: 3-year maturing 2028: THB 11,000 million, zero coupon with a discount rate of 1.72% p.a.; 5-year maturing 2030: THB 24,000 million with a fixed coupon rate of 1.90% p.a.; 10-year maturing 2035: THB 3,000 million with a fixed coupon rate of 2.37% p.a. and a call option exercisable after the 5th year. Collectively, the debentures have a weighted average tenor of 4.82 years and a weighted average coupon rate of 1.89% per annum.
The proceeds will be used to repay existing debts, including exercising the call options on two outstanding debentures in September 2025: THB 14,500 million from Debentures No. 1/2018 (TBEV283A) with a 3.60% coupon rate; THB 13,719 million from Debentures No. 2/2018 (TBEV289A) with a 4.16% coupon rate.
The joint lead arrangers for the issuance are Bangkok Bank Public Company Limited, KASIKORNBANK Public Company Limited, Krung Thai Bank Public Company Limited, Bank of Ayudhya Public Company Limited and The Siam Commercial Bank Public Company Limited.
