Bangkok--Sep 21--Ogilvy Public Relations Worldwide
Thai Olefins Public Company Limited (“TOC”) by Mr. Aditheb Bisalbutr, President & CEO, has today signed a US$135,000,000 5-year bullet syndicated revolving credit facility agreement (the “Facility”) in Bangkok with a group of 18 international banks. TOC will use the proceeds for its general
corporate and capital expenditure funding requirement.
The Facility was fully underwritten and arranged by the two Mandated Lead Arrangers, Mizuho Corporate Bank, Ltd. and DBS Bank Ltd.
This unsecured Facility is used to replace the cancelled secured facility arranged by ABN Amro Bank N.V. This facility enables TOC to save the interest expenses by Baht60 million per annum.
The Facility received overwhelming response from the market and closed with over-subscription. As a result of the over-subscription, the total
facility amount increased from the original US$100,000,000 to
US$135,000,000. The syndicate represents a wide geographic coverage which includes banks from Japan, Singapore, Netherlands, Germany, Hong Kong,
Taiwan, and China. The great success of the syndication illustrates the
strong credit standing of TOC perceived by the international banking community.
TOC was established in January 1990 as a joint venture between PTT Public Company Limited and several leading private sector petrochemical companies
in Thailand. TOC is a major producer of olefins in Thailand, where it is
the second largest producer of ethylene and propylene based on production
capacity at 31 December 2004. At present, the company is rated “BBB-” with
positive outlook by S&P and “Baa3” with stable outlook by Moody’s.
The Facility is the second offshore financing for TOC this year. In June, TOC completed a US$300,000,000 10-year Eurobond.
For further information
Anong Charuskraisorn ([email protected])
Public Service Section Manager
Thai Olefins Public Company Limited Tel. 0 25735411
Kovit Savangvareesakul
([email protected])
Ogilvy Public Relations Worldwide Limited Tel. 0 2205-6613 End.