Monday, September 28, 2020

Companies tap bonds for short-term funding needs

Jun 08. 2020
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By The Nation

Eight listed companies are expecting to raise least Bt48.7 billion from issuing bonds in June this year.

Three of the eight companies have already completed the bond subscription. Berli Jucker (BJC) offered bonds worth Bt18 billion, Charoen Pokphand Foods (CPF) raised Bt25 billion and All Inspire Development (ALL) Bt104.90 million.

The five other listed companies issuing bonds are:

1 Major Development (MJD) will issue bonds worth Bt400 million with interest at 6.80 per cent per annum for two years and six months to institutional and large investors from June 22 to 24. The amount will be used to repay bills of exchange that will reach maturity in August worth Bt130 million, invest in new projects or use as circulating fund. The company's credit rating is BB+.

2 Property Perfect (PF) will offer two-year bonds worth not more than Bt600 million at an interest of 6.25 per cent per year to institutional and large investors from June 8 to 10 to repay debt and use as circulating fund. The company's credit rating is BB+.

3 East Coast Furnitech (ECF) will offer two- year bonds worth not more than Bt600 million with interest at 7.25 per cent per year to institutional and large investors from June 8 to 10. Issuer can redeem the bonds before reaching maturity. The proceeds will be used to repay or buy back ECF208A bond that will reach maturity on August 16 and use as collateral for issuing another bond. The company's credit rating is BB+.

4 True Corporation (TRUE) will offer bonds for three years and three months at an interest of 3.60 per cent per year to institutional and large investors from June 15 to 17 to use as circulating fund. The company's bond credit rating is BBB+.

5 Muangthai Capital (MTC) will offer bonds worth Bt4 billion: a one-year and five-month bond will offer 3 per cent interest and another for three years, five months and two days will offer 3.65 per cent. The proceeds from the bonds, to be issued from June 9 to 11, will be used to repay debt and use as circulating fund. The company's and its bond credit rating is BBB+.

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