Thai Oil Public Company Limited has announced a tender offer to repurchase up to US$550 million in aggregate principal amount of its outstanding US dollar-denominated notes. The initiative, communicated to the President of the Stock Exchange of Thailand on 6 January 2026, involves several tranches of senior unsecured notes issued by the company’s wholly-owned subsidiary, Thaioil Treasury Center Company Limited (TTC).
The repurchase initiative targets five specific sets of notes, all of which are fully guaranteed by Thai Oil Public Company Limited. The notes included in this tender offer are:
- 2.500% Senior Unsecured Notes due 2030, issued in June 2020.
- 4.875% Senior Unsecured Notes due 2043, issued in April 2018.
- 5.375% Senior Unsecured Notes due 2048, issued in November 2018.
- 3.500% Senior Unsecured Notes due 2049, issued in October 2019.
- 3.750% Senior Unsecured Notes due 2050, issued in June 2020.
The tender offer period is set to commence on 6 January and will conclude on 4 February 2026. This buyback allows the company to retire these specific debts prior to their original maturity dates, which stretch as far as 2050.
According to Ms Wanida Boonpiraks, Executive Vice President of Finance and Accounting, the company intends to update the market on the final results once the repurchase process is completed.
Analogy: This buyback initiative is similar to a homeowner deciding to pay off a significant portion of their mortgage early; by using available capital to settle the debt now, the company reduces its long-term financial obligations well before the final “due date”.
