B/ES PAID, NMG CHAIRMAN SAYS
Nation Multimedia Group chairman Thepchai Yong says the company has redeemed all of its due bills of exchange, including those due this month, worth a total of Bt360 million, while planning to deal with its B/Es that will be due in the future.
He denied the rumours of NMG’s inability to redeem its B/Es.
“Our case is different from others. We [at the time of the default] did not have authorised executives to sign on transactions; it was not the case that we had no money for debt repayment.
“The B/Es that will be due next month or the months after will face no problem [for redemption] as we have already coordinated with investors,” he said.
On December 23, Tris Rating upgraded NMG’s corporate credit rating from “D” to “B+” after the multimedia firm repaid Bt200 million worth of B/Es.
TU SECURES FINANCING
FOR RED LOBSTER DEAL
Thai Union Group (TU) has successfully completed the book building for Bt12 billion in new debentures to secure long-term financing for its investment in Red Lobster Seafood Co.
The debentures were the largest ever issued by TU. The three-, five-, seven- and 10-year bonds attracted strong support from institutional investors, and were oversubscribed 2.6 times, the seafood company says.
The coupon for the three-year debentures is 2.49 per cent per annum, for five-year debentures it is 2.91 per cent per annum, for seven-year debentures 3.58 per cent per annum, and 3.94 per cent per annum for the 10-year debentures.
Bangkok Bank, Bank of Ayudhya, and Siam Commercial Bank were lead managers.
TU has also secured Bt12.5 billion in long-term loans. Bangkok Bank, Bank of Ayudhya, and Sumitomo Mitsui Banking Corporation, Bangkok Branch, were the lead arrangers, while Kasikornbank, Mizuho Bank, Standard Chartered Bank (Thai) and Bank of China (Thai) were co-arrangers.
“The robust participation of investors in our book building reflects the confidence they have in Thai Union,” said Thiraphong Chansiri, CEO of Thai Union Group. “The result, which is important in ensuring we have the necessary long-term financing for our strategic investment in Red Lobster, also indicates that the market supports our strategy for growth and expansion.”
TU will use the proceeds from both the bonds and the long-term loans mostly to finance the US$575-million (Bt20.3 billion) investment in Red Lobster, the world’s largest seafood-restaurant company. TU says the acquisition, announced last October, is part of its efforts to build its direct-to-consumers channel.
PORN PROM METAL SIGNS SOLAR PANEL DEAL
Porn Prom Metal (PPM) has signed a memorandum of understanding with Pacific Star Energy Co (PSE) to produce solar panels for the latter’s photovoltaic project in Cambodia.
PPM, a distributor of metal products for industries and construction and a manufacturer of solar panels, has been appointed for engineering, procurement and construction (EPC) for PSE’s 100-megawatt solar PV project, which ranges for five years.
PSE distributes power to a special economic zone in Cambodia through the solar PV project.PPM will also invest 25 per cent [of what?] in PSE, which will extend the former’s power capabilities and investment in the future.
