Gulf Energy Development Public Company Limited (SET: GULF) would like to provide notification to the Stock Exchange of Thailand that on September 28, 2023, the company issued unsubordinated and unsecured debentures with a total value of THB 15,000 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 2 times.
The company’s debenture issuance was allotted in series of 5 tranches; namely, THB 5,805 million debenture with a 2.5-year tenor at an interest rate of 3.37% per annum, THB 3,664 million debenture with a 4-year tenor at an interest rate of 3.50% per annum, THB 1,500 million debenture with a 5-year tenor at an interest rate of 3.88% per annum, THB 3,031 million debenture with a 7-year tenor at an interest rate of 3.95% per annum, and THB 1,000 million debenture with a 10-year tenor at an interest rate of 4.32% per annum. The average tenor for the debentures is 4.53 years, with an average interest rate of 3.63%.
The company was assigned the company rating “A+” with a “stable” outlook and the debentures were assigned a 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, United Overseas Bank (Thai) Public Company Limited, and Maybank Securities (Thailand) Public Company Limited as Joint Lead Arrangers. The subscription period for the debentures was between September 25-27, 2023, and the issue date was on September 28, 2023.
The company 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. 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.
