Indorama Ventures Makes Successful Unrated International Bond Debut Issuance

Real Estate Press Releases Monday September 16, 2019 16:00
Bangkok--16 Sep--Indorama Ventures

Indorama Ventures Public Company Limited (IVL), a global chemical producer, has issued its first ever USD-denominated Senior Unsecured Reg S Fixed Rate Notes (the "Bonds") international offering to foreign institutional investors. The transaction is one of the few US dollar bond issuances from Thai corporates.

The Bonds were offered under the Company's subsidiary, Indorama Ventures Global Services Limited, and are guaranteed by the Company. In addition, IVL's Bonds are unrated and have a tenor of five years with an interest rate of 4.375% per annum. These are also listed on the Singapore Exchange Securities Trading ("SGX-ST").

The transaction raised USD300 million on the back of an orderbook which peaked at more than USD900 million. Eventually, the final orderbook settled at USD650 million, representing a final oversubscription rate of more than two times the issue amount. The Bonds were allocated 66% to Asian investors, with 34% to EMEA investors. On the other hand, around 88% of the allocation was given to fund managers, while the remaining 12% is allocated to private banks, discretionary portfolio management (DPM) accounts of private banks, and corporates. This unprecedented success is a testimony to the confidence that the Debt Capital Markets has in IVL.

The proceeds of the Bonds will be used for refinancing and to support future growth and the investment plans of IVL.

Mr. Sanjay Ahuja, CFO of Indorama Ventures said, "We are very pleased with the response received from our maiden bond issuance in the international markets. The robust demand from the international investors shows their confidence in IVL's strategy and growth prospects, as well as confirms our strong international profile and leading market position in the chemical industry. I want to thank the transaction team for their engagement and commitment to making IVL debut a great success."

Standard Chartered Bank acted as the Sole Global Coordinator. ANZ, Bank of America Merrill Lynch, HSBC, Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners.

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