Gulf Energy Development Books THB20 Billion from Debenture Allotment

Gulf Energy Development Public Company Limited (SET: GULF) has announced that on March 30, 2023, the company issued unsubordinated and unsecured debentures with a total value of THB 20,000 million offered to institutional and/or high net worth investors. The offerings received considerable interest from investors during the book building period, resulting in an oversubscription of over two times.


The company’s debenture issuance was allotted in series of 5 tranches; namely, THB 4,100 million debenture with a 3-year tenor at interest rate of 2.85% per annum, THB 4,400 million debenture with a 4-year tenor at interest rate of 3.00% per annum, THB 4,500 million debenture with a 5-year tenor at interest rate of 3.20% per annum, THB 3,500 million debenture with a 7-year tenor at interest rate of 3.59% per annum, and THB 3,500 million debenture with a 10-year tenor at interest rate of 3.92% per annum.

The average tenor for the debentures is 5.6 years, with average interest rate at 3.28%. In this regard, the debentures with 5-year and 7-year tenors with total value of THB 8,000 million were offered as Green Bonds.

The company plans to use the proceeds from the offerings to repay loans from financial institutions and to be used as working capital for future investments, and the proceeds from the Green Bonds will be used to repay the investment in Borkum Riffgrund 2 offshore wind power project.


The company was assigned the company rating “A+” with “stable” outlook and the debentures were assigned rating “A” by TRIS Rating Company Limited.

The company appointed Bangkok Bank Public Company Limited, Krungthai Bank Public Company Limited, Bank of Ayudhya Public Company Limited, KASIKORNBANK Public Company Limited, TMBThanachart Bank Public Company Limited, Siam Commercial Bank Public Company Limited, and Standard Chartered Bank (Thai) Public Company Limited, as Joint Lead Arrangers. The subscription period for the debentures was between March 27-29, 2023, and the issuance date was on March 30, 2023.

GULF noted that it believes that the support from investors in the debenture offerings demonstrates confidence in the company’s strong operational performance and continued solid growth of the businesses under the Group, especially in the renewable business which supports net zero greenhouse gas emissions.