Thai Union Frozen plans to sell up to Thai baht 8.5 billion in bonds

By Reshmi Basu

New York, Oct. 26 - Thai Union Frozen Products said it received board approval of its proposal to issue up to Thai baht 8.5 billion in new bonds.

Proceeds will be used for debt refinancing and for future expansion, the company said.

"The primary objective of the issue is to ensure optimal cash management and risk control as refinancing will help control cost of debts under the current rising interest rate environment," the company said in a filing to the Stock Exchange of Thailand.

The proposal is pending the approval of the company's shareholders. The shareholders meeting is scheduled for Nov. 23.

The Bangkok, Thailand-based company is a canned tuna producer.

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