Gulf Development Public Company Limited (SET: GULF) has announced the notification of the allotment of the company’s unsubordinated and unsecured debentures valued at THB 30,000 million via the Stock Exchange of Thailand (SET).
On October 3, 2025, GULF issued name-registered unsubordinated and unsecured debentures with a debenture holders’ representative with a total value of THB 30,000 million. The debentures were divided into 4 tranches and were offered to institutional and/or high net worth investors as well as the general public. The debentures received considerable interest from investors, resulting in an oversubscription of 2.5 times, reflecting confidence in the company’s strength and growth potential.
The company’s debenture issuance was allotted in series of 4 tranches; namely 1) THB 4,900 million debenture with a 3-year tenor at an interest rate of 1.76% per annum, 2) THB 13,900 million debenture with a 5- year tenor at an interest rate of 2.00% per annum, 3) THB 8,100 million debenture with a 7-year tenor at an interest rate of 2.20% per annum, and 4) THB 3,100 million debenture with a 10-year tenor at an interest rate of 2.37% per annum. The average tenor for the debentures is 5.7 years, with an average interest rate of 2.05%. The company offered the first to fourth tranches to institutional and/or high net worth investors, while the second to fourth tranches were also available to the general public, providing retail investors with an opportunity to invest in debentures that are stable and offer appropriate returns.
GULF was assigned the company rating “AA-” with a “stable” outlook and the debentures were assigned a rating “AA-” with a “stable” outlook 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, Siam Commercial Bank Public Company Limited, CIMB Thai Bank Public Company Limited, TMBThanachart Bank Public Company Limited, United Overseas Bank (Thai) Public Company Limited, Kiatnakin Phatra Securities Public Company Limited, and Maybank Securities (Thailand) Public Company Limited as Joint Lead Arrangers. The subscription period for the debentures was between September 30 and October 2, 2025, with the issuance date on October 3, 2025.
GULF believes that the strong support from investors in this debenture issuance demonstrates their confidence in the company’s solid operating performance and continuous growth potential. The company plans to utilize the proceeds from the offerings to repay loans from financial institutions and as working capital for business expansions. The company will continue to focus on expanding its renewable energy business, both domestically and internationally, alongside investments in infrastructure. At the same time, the company is committed to driving growth in the digital sector, particularly in data centers and cloud businesses, to capture the rapidly growing digital demand in Thailand. This strategy is in line with government policy and will further strengthen the company’s long-term sustainable growth.
