Gulf Energy Development Public Company Limited (SET: GULF) has announced that the issued unsubordinated and unsecured debentures with a total value of THB 25,000 million offered to institutional and/or high net worth investors. The debentures have received considerable interest from institutional and high net worth investors, resulting in an oversubscription of 1.96 times, reflecting investors’ confidence in the company’s strength and growth potential.
The company’s debenture issuance was allotted in series of 5 tranches; namely 1) THB 2,500 million debenture with a 3-year tenor at an interest rate of 2.89% per annum, 2) THB 2,687 million debenture with a 4-year tenor at an interest rate of 3.15% per annum, 3) THB 10,013 million debenture with a 5-year tenor at an interest rate of 3.28% per annum, 4) THB 4,800 million debenture with a 7-year tenor at an interest rate of 3.53% per annum, and 5) THB 5,000 million debenture with a 10-year tenor at an interest rate of 3.76% per annum. The average tenor for the debentures is 6.08 years, with an average interest rate of 3.37%.
The company was assigned the company rating “A+” with a “stable” outlook and the debentures were assigned a rating “A” with a “stable” outlook by TRIS Rating Company Limited. The company appointed Bangkok Bank Public Company Limited, Krungthai Bank Public Company Limited, KASIKORNBANK Public Company Limited, Bank of Ayudhya Public Company Limited, Kiatnakin Phatra Securities Public Company Limited, Maybank Securities (Thailand) Public Company Limited and United Overseas Bank (Thai) Public Company Limited as Joint Lead Arrangers. The subscription period for the debentures was between September 23-25, 2024, and the issue date was September 26, 2024.
This debenture offering has been highly successful, despite ongoing bond market volatility and amid investor concerns and caution on bond investments. The Company received overwhelming responses from investors, reflecting confidence in the Company’s strong operating performance and continuous growth. A portion of the proceeds will be allocated to repay bonds maturing in September, while another portion will be used to repay the short-term loans from financial institutions. The remainder will support GULF’s investment expansion both domestically and internationally, ensuring the Company’s continued sustainable growth.
