TPI Polene Plc (TPIPL), the country's third-largest cement-maker, says it will issue five tranches of 17 billion baht worth of unsubordinated debentures to retail and institutional investors next month, with coupon rates ranging between 4.1%-5.2%.
Chief executive Prachai Leophairatana said the first lot would be a three-year debenture carrying a coupon rate of 4.1% while the second tranche for four years carries a coupon rate of 4.4%.
The third tranche is a five-year debenture with a coupon rate of 4.65%, the fourth is a six-year debenture with a coupon rate of 4.9% and the last tranche is a seven-year debenture at 5.2%, he said.
"This issuance aims to raise funds to refinance TPIPL's debt, which carries foreign exchange rate risks, cutting the company's financial costs. We want to strengthen our financial position," said Mr Prachai.
He said some of the funds raised by the debenture issuance would be spent for the company's investment expansion, as well as to add to TPIPL's cash flow.
All tranches of the debts are unsubordinated, name-registered, unsecured, non-convertible debentures, which are scheduled to be ready for subscription by late July until early August.
CIMB Thai Bank has already been selected as the company underwriter, said Mr Prachai.