MINT raises almost Bt10bn in oversubscribed rights offering
Minor International (MINT) said it has raised Bt9.858 billion through its rights offering issuance, which was oversubscribed by about 30 per cent despite business and capital market volatility due to the Covid-19 outbreak.
MINT received strong support from the full range of investors and shareholders, including domestic, regional and international institutional investors, as well as retail investors, said the company.
The funds raised will be used for working capital and to refinance existing debt obligations, as well as acting as a cushion for unexpected uncertainty amid the currently improving Covid-19 situation.
The hospitality, restaurant and leisure group said the transaction marks the culmination of its comprehensive funding strategy,
Earlier, MINT successfully issued US$300 million in perpetual bonds. The company also received support from creditors and bondholders by obtaining a waiver of financial covenant testing until the end of fiscal year 2020.
In addition, MINT is seeking to raise about Bt5 billion in additional equity from 3-year warrants, which will be issued to all shareholders on August 7.
The company reports gradual recovery across its businesses since mid-May, with 72 per cent of its hotels and 95 per cent of its restaurant now open.
"The overwhelming success of the rights offering illustrates our shareholders' strong confidence in the company's future. Additionally, both the rights issuance and warrants are rewards for our shareholders as the true value of the company should strengthen when the global pandemic subsides," William E Heinecke, MINT's founder and board chairman, said.
