By Reshmi Basu
New York, May 16 - Thailand state oil refiner Bangchak Petroleum PCL sold 585.6 billion baht of convertible and subordinated debentures to Thailand's largest oil and gas firm, PTT PCL.
The issue priced at par and bears an interest rate of 3%.
Additionally, the debentures are non-transferable and can be converted to ordinary shares. If still outstanding, the debentures will convert at maturity.
Proceeds will be used for a product quality improvement project.
| Issuer: | Bangchak Petroleum PCL
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| Amount: | 585.6 billion baht
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| Issue: | Convertible and subordinated debentures
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| Maturity: | May 15, 2016
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| Interest rate: | 3%
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| Issue price: | Par
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| Conversion price: | 14 baht
|
| Pricing date: | May 16
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