TOP Issues Debentures to Foreign Investors, Totalling $1bn with Coupon Rate at 2.5-3.75%

Thai Oil Public Company Limited (TOP) announced that Thaioil Treasury Center Company Limited (TTC), a wholly-owned subsidiary of TOP, has issued Senior Unsecured Notes to foreign institutional investors for the total amount of USD 1,000 million, fully guaranteed by TOP, comprising of USD 400 million carrying a coupon of 2.500% p.a., with the tenor of 10 years and USD 600 million carrying a coupon of 3.750% p.a., with the tenor of 30 years. 

 

These debentures have been rated BBB+by Standard and Poor’s and Baa2 by Moody’s.Pricing Date is on June 11, 2020 and Settlement Date will be completed by June 18, 2020.

 

The proceeds from the debentures issuance will be used for capital expenditure and general corporate purposes.