{"id":155759,"date":"2025-06-14T10:07:17","date_gmt":"2025-06-14T03:07:17","guid":{"rendered":"http:\/\/www.thestorythailand.com\/?p=155759"},"modified":"2025-06-16T10:12:03","modified_gmt":"2025-06-16T03:12:03","slug":"true-corporation-debentures","status":"publish","type":"post","link":"https:\/\/www.thestorythailand.com\/en\/true-corporation-debentures\/","title":{"rendered":"True corp. to Offer new debentures with ‘A+’ credit rating"},"content":{"rendered":"\n

True Corporation Plc is preparing to offer new four tranches of debentures with maturities ranging from 4 to 10 years, and with fixed interest rates between [3.20 \u2013 3.85]% per annum, payable semi-annually. The debentures have been assigned a credit rating of \u201cA+\u201d with a \u201cStable\u201d outlook by TRIS Rating, reflecting True Corporation’s strengths in both the telecommunications and digital technology. The subscription period is expected to be during July 31, August 1, and August 4, 2025, through seven leading financial institutions: Bangkok Bank, KASIKORNBANK, Siam Commercial Bank, CIMB Thai Bank, United Overseas Bank (Thai), Kiatnakin Phatra Securities, and Asia Plus Securities. Bank of Ayudhya will act as the registrar and Debenture holders\u2019 representative.<\/p>\n\n\n\n

Yupa Leewongcharoen<\/strong>, Chief Financial Officer (Co) of True Corporation Plc,\u00a0said, \u201cIn Q1\/2025, the company achieved a turnaround with a net profit of 1.6 billion baht and a normalized net profit of 4.3 billion baht – just two years after the amalgamation with dtac. Continued growth in EBITDA reflects strong financial discipline, cost efficiency, and synergies from the merger. These results stem from effective business integration, consistent network modernization, AI adoption, and building a resilient team\u2014all key drivers of long-term sustainable growth.\u201d<\/p>\n\n\n\n

For 2025, the company has set three core missions to accelerate growth: Customer<\/strong> – to build a trusted brand, unify the True-dtac systems, and complete nationwide network upgrades by Q3; Technology<\/strong> – to promote widespread AI accessibility, develop personalized digital services, and support smart city initiatives; and Team<\/strong> – to foster a customer-centric culture, develop change-ready leadership, and enhance collaboration with alliances for shared success.<\/p>\n\n\n\n

True Corporation and the new debentures offered have been rated “A+” with a “Stable” outlook from TRIS Rating Co., Ltd. on May 29, 2025, reflecting the company’s leading market position in mobile and broadband markets, strengthened by nationwide network coverage, comprehensive spectrum portfolio, and well-recognized brand among consumers. The rating also considers positive factors from expected benefits of the amalgamation, as well as the company’s operational efficiency that is expected to improve further in the future.<\/p>\n\n\n\n

The arrangers of the transaction added that “Following the Bank of Thailand’s announcement to cut the policy interest rate by 0.25% from 2.00% to 1.75% per annum on April 30, 2025, with expectations for further cuts to accommodate risks from trade wars and economic slowdown at the June 25, 2025 meeting, this period represents a ‘perfect timing’ for investors seeking to lock in long-term returns through investments in quality debentures.” With an “A+” rating and “Stable” outlook, True’s debentures stand out as an attractive option suitable for investors seeking stability with consistent returns in a declining interest rate environment.\u201d<\/p>\n\n\n\n

The debentures is public offering with maturities ranging from 4 to 10 years, catering to investors who seeking medium-term and long-term investments. The purpose of this debenture issuance is to repay its own maturing debentures and extend a loan to a subsidiary for the repayment of its maturing debentures. The debentures are unsubordinated and unsecured with a debentureholders\u2019 representative, and coupons are payable semi-annually. Subscriptions periods are expected to be during July 31, August 1, and August 4, 2025, with a minimum subscription amount of 100,000 baht and increments of 100,000 baht. The company anticipates that the debentures offered in this issuance will received favorable feedback from investors, as they have in the past.<\/p>\n\n\n\n

The details of all four series of debentures are as follows:<\/strong><\/p>\n\n\n\n

1st Tranche: 4-year tenor with fixed coupon rates of [3.20 \u2013 3.30]% per annum
2nd Tranche: 5-year tenor with fixed coupon rates of [3.40 \u2013 3.50]% per annum
3rd Tranche: 7-year tenor with fixed interest rates of [3.50 \u2013 3.65]% per annum
4th Tranche: 10-year tenor with fixed coupon rates of [3.70 \u2013 3.85]% per annum, with a call option since the 5th<\/sup> year.<\/p>\n\n\n\n

The final interest rates will be announced later. The company is currently in the process of filing a registration statement and draft prospectus, which are not yet effective and are pending approval by the Securities and Exchange Commission (SEC). Interested investors can find more details about the debenture offering and draft prospectus at www.sec.or.th<\/a>. For additional information, please contact the seven joint lead arrangers listed below:<\/p>\n\n\n\n