TUF Attracts Capital By Selling 2 & 5-Year Bondsff

Source: Reuters

Thai Union Frozen (TUF) Bangkok has set a coupon rate of 4.7 percent for a two-year bond issue of 1.5 billion baht ($43.10 million) for debt refinancing and expansion plans, fund managers said on Thursday.

TUF, the country’s biggest canned tuna exporter, also planned to sell 5-year bonds worth 1.0-1.5 billion baht to institutional investors, with a book building scheduled for next week, they said. “Demand for the two-year bond was stronger than the five-year bonds. Therefore the two-year bond was launched first,” the fund manager at a Thai asset management firm told Reuters.

The unsecured two year bonds are rated “A+” by Thailand’s TRIS Rating. The final coupon for the two-year bonds was at the top end of a range of 4.55 to 4.7 percent.

HSBC’s Thai unit is the underwriter of the bond issues.

At 0752 GMT, shares in TUF were up 0.61 percent at 16.60 baht, while the overall Thai stock market .SETI was 6.33 percent higher.

Thai Union Frozen is one of the firms listed in the Atuna Stock Index – click here to go to the Stock Index