Funds are for general corporate funding,
capital expenditure and refinancing
purposes.
The borrower last tapped the market
in June 2016 with a NT$3bn loan. Taipei
Fubon Commercial Bank and Hua Nan
were the MLABs on that deal, which
comprised a NT$2.5bn seven-year tranche
A and a NT$500m three-year tranche B. The
margins were 130bp and 125bp over three-
month Taibor, respectively, on tranches A
and B. The after-tax interest rate floor was
set at 1.8%.
For full allocations, see http://www.ifrasia.com.
THAILAND
DEBT CAPITAL MARKETS
› B GRIMM PLANS OCTOBER TALE
B GRIMM POWER will sell a multi-tranche
bond next month to raise up to Bt10bn
(US$307m).
Bangkok Bank, Kasikornbank and Phatra
Securities are joint lead managers and
underwriters for the transaction. Final
maturities have not been set, although the
Thai power producer is tentatively looking
at five or six tranches ranging from two to
12 years.
Bookbuilding is scheduled for mid-
October.
The new deal will come two years after
the issuer sold Bt5.5bn of two and three-
year bonds in October 2016.
› LH EYES BOND LAUNCH
LAND AND HOUSES will market three-year
bonds this week through sole lead manager
Kasikornbank.
The Thai property developer plans to
raise up to Bt5bn in its latest transaction,
bookbuilding for which is scheduled for
September 28. In May, the firm raised
Bt6bn in a sale of two-year 11-month bonds
at 1.98%.
Documents filed with the Securities and
Exchange Commission of Thailand show
that a two-day subscription will be held from
October 2. The bonds are rated A+ by Tris.
LH is a well-established credit and issuer
with a leading position in Thailand’s
residential market.
› THAI BEV LIFTS BOND
THAI BEVERAGE has increased a jumbo multi-
tranche bond offering to Bt77bn from a
targeted Bt70bn.
The Thai brewer, rated AA by Tris, issued
the bonds last Wednesday following a two-
day subscription.
A 2.64% two-year four-month tranche was
fixed at Bt2.45bn, a 3.2% 3.5-year tranche
at Bt43.9bn, a 3.35% five-year tranche at
Bt4.39bn, a 3.62% seven-year tranche at
Bt941m and a 10-year non-call seven 4.16%
tranche at Bt13.72bn. These tranches were
offered to institutional and high-net worth
investors.
Two other tranches of two and 10 years,
offered only to institutional investors and
priced at 2.6% and 4.16%, respectively, were
fixed at Bt4.7bn and Bt6.9bn.
Thai Beverage is raising funds to partly
refinance bridge loans used to support its
US$4.84bn acquisition of a 53.59% stake in
Vietnam’s Saigon Beer-Alcohol-Beverage
Joint Stock Corporation (Sabeco), which
produces Saigon Beer and 333.
Bangkok Bank, Bank of Ayudhya,
Kasikornbank, Krungthai Bank, Phatra Securities,
Siam Commercial Bank and Standard Chartered
Bank were joint lead managers and
underwriters.EQUITY CAPITAL MARKETS
› TWELVE CORNERSTONES IN OSOTSPA IPOTwelve cornerstone investors are
buying 43% of OSOTSPA’s Bt13bn–Bt15bn
(US$396m–$488m) IPO, a term-sheet
indicated.
The investors in the offering by the Thai
energy drinks manufacturer are Aberdeen
Standard Investments (Asia), Aberdeen
Standard Asset Management (Thailand),
AIA, BBL AM, Kasikorn AM, Krung Thai
AM, Phatra AM, SCB AM, Templeton AM,
Tisco AM, York Capital Management Global
Advisors and Segantii Asia-Pacific Equity
Multi-Strategy Fund.
Around 506.7m primary shares and
97m secondary shares are being sold in
a Bt22–Bt25 per share range. Institutions
will be allocated 420m shares, retail
146m and employees and related persons
37.8m.
Books open on September 27 and close
on October 4. The shares start trading on
October 17.
The IPO funds will be used to finance
business expansion in Thailand and
Myanmar and to repay existing debt.
Separately, principal shareholder Niti
Osathanugrah plans to sell 135.2m
shares at the IPO price on the first day
of trading. This sale is not part of the
IPO.
Bank of America Merrill Lynch, Bualuang
Securities, JP Morgan and Phatra Securities are
the bookrunners.› SABINA BLOCK NETS CHAIRMAN BT2.5BNViroj Thanalongkorn, chairman and
principal shareholder of Thai lingerie
maker SABINA, has disposed of a 29% stake in
the company, bringing its free float up to
48% from 19%.
Viroj sold 100m shares at Bt25 each,
or a 27% discount to the pre-deal close
of Bt34.25, for a total Bt2.5bn. The deal,
which was marketed at an indicative range
of Bt24–Bt27, was done to improve the
liquidity in the shares.
Books were covered four times with
demand from local and international long-
only investors.
Sabina shares were down 20% at Bt27.50
last Thursday, although they are still up
20% year to date.
Viroj’s stake was reduced to 52% after the
block.
There is a 365-day lock-up on Viroj.
Phatra Securities was the sole bookrunner.VIETNAM
SYNDICATED LOANS
› LOTTE CORALIS OBTAINS US$322M BULLETHotel operator LOTTE CORALIS VIETNAM has
obtained a US$322m-equivalent dual-
tranche financing.
Facility agent Standard Chartered
coordinated the bullet deal, which
comprises a ¥32bn (US$292m) three-year
tranche and a US$30m one-year piece.
StanChart took ¥13.2bn of the yen
facility and the entire dollar portion.
Shinhan Bank Japan, Shinhan Bank Hong
Kong, Kookmin Bank Tokyobranch and
Woori Bank Tokyo branch took ¥6.2765bn,
¥1.7665bn, ¥6.2765bn and ¥4.5bn,
respectively.
Hotel Lotte, Lotte Asset Development and
Lotte Shopping are the guarantors of the
deal, which was signed on August 10.
Proceeds will be used for general
corporate and working capital purposes.
Another Lotte Group entity, Lotte
Vietnam Shopping Joint Stock Co,
recently closed a US$92m one-year term
loan from StanChart and First Abu Dhabi
Bank.
Lotte Coralis, a subsidiary of South
Korean conglomerate Lotte Group, is an
investor in Lotte Centre Hanoi, a mixed-
use skyscraper that includes a five-star
hotel, a Lotte department store, a serviced
residence, restaurants and an observation
deck.