BGRIM toasts to debenture issue success

Stocks and Financial Services Press Releases Tuesday July 10, 2018 17:41
Bangkok--10 Jul--B.Grimm Power
B.Grimm Power Plc (BGRIM)'s THB 6.7-billion debenture issues were successfully subscribed, reflecting the confidence in one of Thailand's leading private power producers.

Executives of BGRIM, Siam Commercial Bank along with Phatra Securities Plc, the two underwriters, today (July 10) celebrated the closing which saw institutional and high-net-worth investors subscribing the entire allotments.

"It's a mission completed and we have secured the fund to support our re-financing programme and cash-flow management," BGRIM President Preeyanart Soontornwata declared.

Somsakul Vinichbutr, Executive Vice President, Client Coverage 2.1, Corporate Banking 2 Division, Siam Bommercial Bank Plc., said the successful subscription underscores investors' trust in the financial strength, management capability and industry expertise of BGRIM.

The sustainable growth in operation, financial performance and long-term prospect of BGRIM contribute to the enthusiastic response from investors, noted Anuwat Ruamsuke, Head of Capital Markets at Phatra Securities Plc.

"The BGRIM debentures are quality products being added to the Thai capital markets, being an interesting option to investors," he added.
The amortised debentures, issued on May 31, by B.Grimm BIP Power 1 Ltd and B.Grimm BIP Power 2 Ltd, both subsidiaries of BGRIM, came in two equal traunches, at THB 3.35 billion each.

These debt instruments were assigned "A-" with "Stable" prospect by TRIS Rating Co, Thailand's leading credit rating agency. With a 15-year maturity, these debentures, classified as senior bond with debenture holders' representatives, carry a constant interest rate of 3.95% per annum, payable every six-month.

The fund from the debenture issue will result in THB 350 million, or by 1.2-1.6%, in financing cost saving for the two subsidiaries, according to Mrs Preeyanart.

BIP Power 1 Ltd and B.Grimm BIP Power 2 Ltd operate co-generation facilities at Bangkadi Industrial Park, Pathum Thani province, with a combined power generating capacity of 230 megawatts and 40 tonnes of steam per hour.

The majority of their electrical output, or the maximum of 180 MW, is sold to the Electricity Generating Authority of Thailand (EGAT) under the 25-year supply contracts, while the remaining power is delivered to seven industrial users located in the estate.


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