By The Nation
Executives of the listed company, along with Siam Commercial Bank and Phatra Securities – the two underwriters – on Tuesday celebrated the closing of the subscription period, which saw institutional and high-net-worth investors taking up the entire allotments.
“It’s a mission completed and we have secured the funds to support our refinancing programme and cash-flow management,” BGrimm president Preeyanart Soontornwata declared.
The amortised debentures, issued on May 31 by BGrimm BIP Power 1 Ltd and BGrimm BIP Power 2 Ltd, both subsidiaries of B.Grimm, came in two equal tranches of Bt3.35 billion.
The debt instruments were assigned an “A-” rating with “Stable” prospect by TRIS Rating.
With a 15-year maturity, the debentures, classified as senior bonds with debenture holders’ representatives, carry a constant interest rate of 3.95 per cent per annum, payable every six months.
The funds from the debenture issue will result in a financing-cost saving of Bt350 million, or 1.2-1.6 per cent, for the two subsidiaries, Preeyanart said.