GULF Successfully Allots ฿7.5bln. Unsecured and Unsubordinated Debenture!
GULF has notified the stock market of the successful allotment of GULF’s unsecured and unsubordinated debentures valued 7,500 million baht.
Gulf Energy Development Public Company Limited (GULF) has informed the successful of the allotment of GULF’s debenture according to the approval of Extraordinary General Meeting dated November 27, 2018, on the issuance and offer of unsecured and unsubordinated debenture valued not more than 10,000 million baht in order to repurchase the existing debenture and fund the company’s investment plans.
GULF offered the debentures valued 7,500 million baht to institutional investors and high net worth investors on January 23-24, 2019 and successfully allocated the debentures on January 25, 2019. A considerable number of institutional and high net worth investors expressed interest in the debentures and indicated their intention to subscribe in the odderings, resulting in an oversubscription approximately four times.
GULF plans to use the proceeds from the offerings to repurchase the existing debenture valued 6,000 million baht and invest in GULF’s power projects under development as well as its overseas projects, with construction on the projects in Vietnam and Oman progressing as planned.
The first solar power project in Vietnam with an installed power generation capacity of 59MW have scheduled commence commercial dates in March and May 2019, respectively.
Meanwhile, the wind project is expected to commence construction in the third quarter of 2019, and the gas-fired power project in Oman with an installed power generation capacity of 326MW commenced construction, with progress at 14% completion.
