By THE NATION
The debentures will be offered to institutional and/or high-net-worth investors for a total amount of Bt2 billion, with a Bt2-billion greenshoe option.
Ananda expects seven more new condominium projects to be completed and transferred this year, compared to eight projects in 2019. The transferred amount of Bt22 billion, a 10 per cent increase from 2019, is as targeted.
Ananda chief financial officer Chaiyuth Chunnahacha said that the company was in the process of submitting the filing and draft prospectus for the issuance and offering of debentures to the Securities and Exchange Commission.
Ananda Development has appointed Krungthai Bank, Kasikornbank, CIMB Thai Bank, Globlex Securities and Asia Plus Securities as the arrangers. The subscription period is expected to be March 30 to April 1.
"The purpose of these debentures is to repay debentures that will become due in April and May this year. In the past, the company had regularly raised funds by issuing debentures and had always received the confidence of investors," Chaiyuth said.
Ananda has a cash balance of more than Bt14.8 billion and the company maintains financial discipline by keeping net interest-bearing debt-to-equity level at 1.06 times, he said.
Ananda expects to complete the construction and transfer of seven condominium projects this year, compared to eight condominiums completed and transferred last year, he added.
This year the company is also launching a new condominium project; Ideo Pahol-SaphanKhwai which is close to the Saphan Khwai BTS Station.
The project, covering 5 rai (0.8 hectares) and offering 1,356 units, is worth more than Bt8.5 billion. The company has adjusted this project to be in line with current demands and the market situation, he said.
Ananda is also launching serviced-apartment projects in cooperation with the world-class international lodging firm, The Ascott Limited. Moreover, the construction of two serviced-apartment projects, Somerset Rama 9 and LYF Sukhumvit 8, is expected to be completed and operated this year, providing recurring income.
Investors interested in the debentures offered by Ananda Development can subscribe for a minimum amount of Bt100,000 and in multiples of Bt100,000.