By Marisa Wong
Madison, Wis., Oct. 31 – Indorama Ventures PCL announced it completed an offering of subordinated perpetual debentures totaling 15 billion baht on Friday.
The five-year debentures carry a coupon of 7% for the first five years, after which the interest rate will be adjusted.
The debentures are callable.
Bangkok Bank, Krungthai Bank and Siam Commercial Bank are the lead managers, and Asia Plus Securities is the co-manager.
The Bangkok-based company said this is the first perpetual debenture issued by a private sector company in Thailand and the largest issue of perpetual debentures in Thai baht.
The issue will strengthen the company’s capital structure and improve its liquidity. The company plans to use the proceeds to repay debt, to invest in growth projects and for general corporate purposes.
TRIS Rating Co. Ltd. assigned a rating of A- to the perpetual debentures.
Indorama is a vertically integrated polyester chain producer and wool yarns manufacturer.
| Issuer: | Indorama Ventures PCL
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| Issue: | Subordinated perpetual debentures
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| Amount: | 15 billion baht
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| Maturity: | Perpetual
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| Coupon: | 7% for first five years, reset after that
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| Call option: | Yes
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| Arrangers: | Bangkok Bank, Krungthai Bank and Siam Commercial Bank (lead), with Asia Plus Securities as co-manager
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| Settlement date: | Oct. 31
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| Rating: | TRIS Rating: A-
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