Thai Beverage Public Company Limited, a Thai-listed entity in the Singapore Stock Exchange and one of Southeast Asia’s largest beverage producers, has successfully raised 38 billion baht through a privately placed debenture offering, aimed squarely at institutional and high-net-worth investors.
According to a regulatory filing, the debt issuance was met with robust demand, attracting subscription volumes nearly three times the initial offer.
The debentures were issued in three tranches with the following details:
- 3-year, maturing 2028: Baht 11,000 million, zero coupon with a discount rate of 1.72% p.a.
- 5-year, maturing 2030: Baht 24,000 million with a fixed coupon rate of 1.90% p.a.
- 10-year, maturing 2035: Baht 3,000 million with a fixed coupon rate of 2.37% p.a. and a call option exercisable after the 5th year.
Proceeds from the fundraising will be primarily allocated towards refinancing existing obligations, including the early redemption of two outstanding debentures set to mature in September next year. The freshly issued notes consist of an initial tranche worth 28 billion baht, supplemented by a greenshoe option for an additional 10 billion baht.
Fitch Ratings (Thailand) has rated the debentures at “AA(tha)”, indicating a high degree of credit quality in the local market context.
Bangkok Bank, Kasikornbank, Krung Thai Bank, Bank of Ayudhya, and Siam Commercial Bank acted as joint lead arrangers on the transaction, helping Thai Beverage secure favorable terms amid solid market appetite.
Mr. Prapakon Thongtheppairot, President and Group Chief Operating Officer – International, and Group Chief Financial Officer, said in a press release:
“We are grateful for the strong support for this issuance, which reflects investors’ confidence in ThaiBev’s fundamentals and credit outlook. The favourable yield levels demonstrate market recognition of our robust business model, disciplined financial strategy, and the investment-grade rating. The issuance enables us to reduce financing costs, strengthen our balance sheet, and maintain financial flexibility to capture growth opportunities.”
