Group Lease repays debenture holders in full
Demonstrating its ability and intention to repay creditors, Group Lease said in a Friday release that it had redeemed the outstanding Thai Baht bond issued to Thai institutional investors ahead of schedule.
Group Lease issued a bond to Thai institutional investors of Bt1.5 billion on September 29, 2016 with a three-year term maturing on September 29, 2019. On Friday, Group Lease redeemed the bond early and repaid the amount in full.
Tatsuya Konoshita, the CEO of Group Lease Public Co Ltd, said in the release, “We decided to repay the bond early to save some interest expense and because we knew we needed to repay this month. I heard that some in the market doubted that GL would be able to make this payment, but like I said during our presentation last month about our second quarter result, we had more than Bt4.3 billion in consolidated cash and our financial position is strong.
“We had no problem repaying our bondholders and we are happy to meet our financial obligations. In the history of GL, we have never missed or been late with a payment to our creditors.”
Konoshita also thanked the Central Bankruptcy Court of Thailand for last month dismissing the bankruptcy claim against the company. “We are happy they came to the conclusion we have the ability to repay our creditors and they made it possible for us to legally repay our creditors. Today, GL made good on the Court’s judgement and we repaid our Thai debenture holders early and in full. We always want to maintain our good business relationships and look forward to continuing to create and maintain good relationships with the Thai market.”
Konoshita said the company had worked for two years to increase their operational efficiency and improve their ability to target good customers.
“We have already begun to take action and conduct small test pilots and the results have been promising. We will start to apply it at a larger scale very soon. We are now more bullish about Thailand and look forward to becoming more active in the Thai market,” said the CEO.
“We appreciate our creditors for the trust they have shown in our business over these few years. We are happy we were able to reward them with timely and full repayment.”
