True Move’s USD465 million bond sale to cut debts

15 Dec 2006

Thai mobile operator True Move said yesterday that it had successfully issued USD465 million worth of seven-year bonds to international investors, reports the Bangkok Post. The success of the issue, which attracted offers of more than USD750 million, indicated the extent of investor confidence in the fast-growing cellco, said William Harris, chief financial officer of parent True Corp. US buyers bought 70% of the bonds, Asian investors 19% and Europeans 11%. Fund managers accounted for 76% of the buyers, insurers 11%, banks 7% and others 6%. The offer represented the largest single-tranche US dollar bond offering by a Thai corporation. True Move will use the issue’s net proceeds to repay around two-thirds of the debt it owes to Thai commercial banks, said Mr Harris.

Thailand, True Move