Ms. Yupa Leewongcharoen, co-Chief Financial Officer of True Corporation Public Company Limited (SET: TRUE), revealed that the company’s debentures garnered full subscription totaling THB18 billion, exceeding the initial targeted amount of THB14 billion with an additional THB4 billion from the greenshoe option.
The proceeds from the recent debenture issuance will be allocated towards refinancing purposes over varying durations ranging from 1 year 3 months to 10 years, accompanied by competitive coupon rates ranging between 2.85% to 4.20% per annum.
CGS International Securities (Thailand) (CGSI) noted that TRUE was facing looming maturation of debentures amounting to THB36.8 billion as of the second quarter of 2024. By successfully issuing THB18 billion in debentures in August 2024, the company is still left with the task of rolling over an additional THB18.8 billion in debentures for the remainder of the year.
The successful subscription of the debentures underscores TRUE’s robust valuation and has been reflected in its share price performance, demonstrating outperformance in the market.
TRUE closed at THB10.30 per share, increased THB0.10 or 0.98% on Friday. Valuation of TRUE has increased by 11% in a month and nearly 20% in three months.
Still, CGSI maintained a Hold rating on TRUE with a target price of THB9.30 per share.
