Thailand's PTT may up bond issuance to $700 million

By Reshmi Basu

New York, April 15 - PTT plc may increase the size of its bond issuance to $700 million, according to a market source.

The tenor will likely be 10 years, said the source.

Earlier Prospect News reported that PTT would issue $600 million of bonds.

Pricing is expected to take place in the third quarter, depending on market conditions.

Proceeds from the sale will be used to refinance existing debt and help finance its 2005 through 2009 investment plan, which includes a third pipeline.

PTT plc, based in Bangkok, Thailand, is an integrated oil company.

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