Minor to issue Bt33-bn debenture to fund expansion

The new Baht-dominated debentures will be offered in 12 tranches with six different maturities ranging from two to 15 years and a blended average interest rate of 3.84 per cent for the entire issuance. The new debentures are rated “A” with a stable outlook by TRIS rating.
The debenture issuance is part of the firm’s pro-active funding plan as it seeks prudent balance sheet management after the acquisition of NH Hotel Group.
Minor International expects its debt-to-equity ratio to come down to its internal policy level of 1.3x by the end of December 2019, despite the financial covenant that has been set at 1.75x, Delaney said.