Grande Asset Hotels and Property Public Company Limited announced that it expects to receive THB 1 billion in funding from Advance Capital Partners Asset Management Private Limited, ZICO Asset Management Pte. Ltd.

Grande Asset Hotels and Property Public Company Limited announced a private placement of senior unsecured convertible debentures for gross proceeds of not exceeding THB 1,000,000,000 on December 20, 2021. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited and Advance Opportunities Fund I, a fund managed by ZICO Asset Management Pte. Ltd. The company will receive funding in four tranches, tranche 1 of the convertible debentures not exceeding THB 200,000,000, tranche 2 of the convertible debentures not exceeding THB 200,000,000, tranche 3 of the convertible debentures not exceeding THB 300,000,000 and tranche 4 of the convertible debentures not exceeding THB 300,000,000.

The debentures carry a coupon rate of 1% per annum, provided that the interest will be paid on a quarterly basis from the date that the debentures is issued. The convertible debentures have a maturity period of 3 years after the issuance date of that the debentures are issued in each tranche. The debentures are convertible into shares at a conversion price which is not less than 90 per cent of market price.

The holders of the convertible debentures may or may not have rights to redeem the convertible debentures before the due date and/or the company may or may not have rights to redeem the convertible debentures before due date as well. The transaction has been approved by the board of directors of the company and is still subject to approval at Extraordinary General Meeting of Shareholders No. 1/2022.