Indorama Ventures : raises US$255 million through Ninja loan as part of refinancing program
April 02, 2024 at 11:11 pm
Share
Bangkok, Thailand - 3 April 2024 - Indorama Ventures Public Company Limited, a global sustainable chemical producer, today announced it raised $255 million through a sustainability-linked Ninja loan with international financial institutions. The refinancing was achieved at lower spreads than the previous issuance in 2020.
The Ninja loan, which is a syndicated loan arranged in Japan for foreign companies, was arranged by Mizuho Bank, one of Japan's largest banks. It features a bullet repayment schedule over five years to March 2029, linked to Indorama Ventures' post-consumer PET input into recycling and Scope 1 and 2 GHG emission intensity targets. The transaction achieved margin savings against the previous issuance, and the proceeds will be used as part of the company's program to refinance $750 million for 2024 and $400 million for 2025, to be completed in 1H24.
Under its IVL 2.0 business strategy, announced on 5 March, Indorama Ventures is strengthening its capital structure in a prolonged environment of higher interest rates by deleveraging its business and optimizing operations to enhance earnings. On 14 March, the company said it raised THB 10 billion through an issue of Thai baht-denominated debentures to institutional and high-net-worth investors at lower spreads than the company's previous issuance in May 2023.
Mr. DK Agarwal, Deputy Group CEO and Group CFO at Indorama Ventures, said, "We are pleased to secure this successful refinancing, following our debenture issuance last month. These transactions reflect our stakeholders' confidence in our financial stability and responsible management in a higher interest rate environment. Their support is instrumental to securing our liquidity needs, ahead of schedule, through a diversified financing approach."
The latest news from IVL
28 March 2024
'Waste Hero' recycling education program delivers significant social value in Indonesia and the Philippines
14 March 2024
Indorama Ventures' THB 10 billion debenture issuance draws strong interest from investors
04 March 2024
Indorama Ventures evolves its business strategy as it pivots towards structural shifts in the global chemical industry
Attachments
Original Link
Permalink
Disclaimer
Indorama Ventures pcl published this content on
03 April 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
03 April 2024 03:10:08 UTC.
Indorama Ventures Public Company Limited is a Thailand-based petrochemicals producer. The Company operates through three segments: Combined PET, Integrated Oxides and Derivatives (IO), and Fibers. Its Combine PET segment manufactures and distributes polyethylene terephthalate (PET) value chain comprising Paraxylene (PX), Purified Terephthalic Acid (PTA), PET, and recycling (Integrated PET), PET preforms and packaging and specialty PET-related chemicals comprising PIA and NDC. Its Integrated Oxides and Derivatives segment manufactures and distributes integrated EG, integrated purified EO, PO/MTBE and integrated surfactants comprising EOA, LAB and others. Its Fiber segment manufactures and distributes polyester, rayon, nylon, polypropylene, composites and worsted wool fibers, for mobility, lifestyle and hygiene markets. The Company's products are used in health, personal hygiene, human safety and packaging solutions.