Thai Oil Public Company Limited (SET: TOP) announced the successful completion of its partial repurchase and cancellation of outstanding senior unsecured US dollar-denominated notes. The tender offer for the partial repurchase concluded on 25 September 2025.
This transaction follows prior disclosures to the Stock Exchange of Thailand, including Ref. TBK 01/0561 dated 27 August 2025 regarding the initial repurchase plan, and Ref. TBK 03/0582 dated 11 September 2025 concerning an increase in the maximum repurchase amount.
The total principal amount repurchased and subsequently cancelled was USD 300 million. The notes included in the tender offer were issued either directly by Thai Oil Public Company Limited or by Thaioil Treasury Center Company Limited (“TTC”), with all TTC notes fully guaranteed by the Company.
Notes repurchased under the tender offer:
1) TOP 2043 Notes – 4.875% Senior Unsecured Notes due 2043, issued by Thai Oil on 23 January 2013.
2) TTC 2043 Notes – 4.875% Senior Unsecured Notes due 2043, issued by TTC on 11 April 2018.
3) 2048 Notes – 5.375% Senior Unsecured Notes due 2048, issued by TTC on 20 November 2018.
4) 2050 Notes – 3.750% Senior Unsecured Notes due 2050, issued by TTC on 18 June 2020.
Details of Repurchase and Remaining Outstanding Principal:
| Note Series | Interest Rate
& Maturity |
Principal Repurchased
& Cancelled |
Aggregate Outstanding Principal |
|---|---|---|---|
| TOP 2043 Notes | 4.875% due 2043 | USD 86.412 million | USD 51.519 million |
| TTC 2043 Notes | 4.875% due 2043 | USD 73.591 million | USD 188.479 million |
| 2048 Notes | 5.375% due 2048 | USD 89.997 million | USD 390.003 million |
| 2050 Notes | 3.750% due 2050 | USD 50.000 million | USD 430.000 million |
