“True Corporation” to Issue A+ Rated 1-10 Years
True Corporation Plc, Thailand’s top telecom-tech company, plans to issue 5 tranches of debentures to retail investors, comprised of 1 – 10 years tenors, with coupon rates of [3.12-4.80]% per annum. They come with an A+ rating and a “stable” outlook from Tris Rating, reflecting the company’s strength following the merger of True and dtac.
The subscription is set for 2 – 6 November 2023 through 6 leading financial institutions namely, Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, Krungsri Bank, CIMB Thai Bank, ,and United Overseas Bank (Thai). With Krungsri Bank serving as the debenture registrar and representative for debenture holders. Additionally, investors can participate via the TrueMoney Wallet application.
Ms. Yupa Leewongcharoen, Co-Chief Financial Officer of True Corporation Plc said: “This debenture issuance is being carried out by the new merged company, True Corporation, which boasts enhanced stability and a solid foundation resulting from the strategic amalgamation of True and dtac. The company is now poised to fully realize its role as Thailand’s foremost telecom-tech industry leader, leveraging the largest customer base in mobile phones and broadband services. The company is confident that it will receive a strong response from general investors who seek to invest in sectors poised to benefit from a bullish economy, tourism and offer attractive future returns. This is especially appealing to the public seeking stable investments issued by a prominent national corporation. Our primary focus is on improving operations and delivering greater value to consumers and businesses, which includes generating new innovations to drive forward the Thai economy and society. Additionally, we aim to provide investors with the opportunity to grow alongside the new merged company, particularly in the thriving digital business sector, characterized by an upward trend and significant growth.”
The company and its debentures were rated A+ with a “stable” outlook by Tris Rating as of 27 September 2023. This rating reflects an improved financial risk profile, strengthened business operations, and an enhanced market position in the mobile phone and broadband industries. The company boasts nationwide network coverage, a comprehensive spectrum portfolio, and a well-established reputation. Additionally, it benefits from positive macroeconomic factors such as the expected GDP growth in Thailand following the recovery of the tourism industry post Covid-19.
These sets of debentures will be publicly offered. The proceeds from the debenture issuance will be allocated for refinancing maturing debt and reserve for working capital requirement. These unsubordinated and unsecured debentures, featuring debenture holders’ representatives and quarterly coupon payments, will be available for subscription on 2 – 6 November, 2023. The minimum subscription amount is 100,000 baht, with increments of 100,000 baht. The debentures will be offered in five tranches as follows:
1. 1st Tranche- 1 year tenor with a fixed coupon rate of [3.12-3.22]% per annum.
2. 2nd Tranche – 3 year and 3 months tenor with a fixed coupon rate of [3.70-3.85]% per annum.
3. 3rd Tranche – 5 year tenor with a fixed coupon rate of [4.00-4.15]% per annum.
4. 4th Tranche – 7 year tenor with a fixed coupon rate of [4.35-4.45]% per annum.
5. 5th Tranche – 10 year tenor with a fixed coupon rate of [4.50-4.80]% per annum (with a call option after 5 years)
The company is currently in the process of filing a registration statement and the draft prospectus. These documents are not yet effective and are pending approval by the Securities and Exchange Commission (SEC). Interested investors can obtain further details regarding the debenture offering and the draft prospectus by visiting www.sec.or.th. For additional information, please feel free to contact any of the six lead arrangers listed below:
Any branch of Bangkok Bank, except micro branches, or call 1333 or online channel via Bualuang mBanking application
Any branch of Kasikorn Bank tel. 02 888 8888 extension 819 or online channel via https://www.kasikornbank.com/kmyinvest(Except Non-Thai passport holder; juristic persons may subscribe via Kbank’s headquarter and branches)
Any branch of Siam Commercial Bank or call 02 777 6784 or via online channel SCB Easy application
Any branch of Krung Sri Bank or call 1572 or via online channel KMA application
Any branch of CIMB Thai Bank or call 02 626 7777 or via online channel CIMB Thai Digital Banking application
Any branch of United Overseas Bank (Thai) or call 02 285 1555
For those interested to purchase via TrueMoney Wallet, get more information at www.truemoney.com or contact with staff of True Monet Co., Ltd Tel 1240 press 6.
