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Thoresen Thai seeks to raise $59m

Thoresen Thai seeks to raise $59m
Dry bulk shipowner Thoresen Thai Agencies (TTA) is seeking to raise THB2bn ($59.2m) from the issuance of senior, unsecured debentures with a three-year maturity period.

The purpose of the raised funds will go toward the company’s loan repayments and refinancing and enhancing of its financial strength and liquidity, and to make itself ready for future investment in new businesses at appropriate times.

The debentures will have a coupon rate of 4.25% per annum, with The Siam Commercial Bank Public Company appointed as the lead underwriter of the transaction.

An offering to the public and /or institutional investors will be made from 13-16 July.

“We are confident that our debentures will be enthusiastically welcomed by the investors, given the current low interest rate environment,” said Chalermchai Mahagitsiri, ceo and president of TTA.

“There is also a chance that, in order to stimulate the economy, the Bank of Thailand and the commercial banks will lower their interest rates further through the rest of this year,” he said.

“Furthermore the volatilities and uncertainties associated with the global economy, the investors are now anxious about the prospects of their stocks and finding it harder to spot investment opportunities with predictable returns. Corporate debentures should now be a quite attractive investment option to them,” he added.