Thailand's Siam Cement to offer up to 25 billion baht of debentures

By Marisa Wong

Madison, Wis., Aug. 27 - Siam Cement PCL announced it plans to issue up to 25 billion baht of debentures due Nov. 1, 2016 with a coupon that is fixed until maturity or reset annually.

The four-year debentures will replace Siam Cement's existing debentures due Nov. 1, 2012. Following their issuance, the company will have a total of 120 billion baht of debentures outstanding.

The new debentures will be issued through a public offering as follows:

• Holders of the debentures due Nov. 1, 2012 have first priority as investors. The offering ratio is 1 to 1;

• Any amount not issued to holders of the debentures due Nov. 1, 2012 will be offered to holders of other existing debentures, up to a maximum of 22 billion baht. The minimum offering amount per investor is 1 million baht; and

• The remaining balance will be offered to individual investors who are not Siam Cement debenture holders. At least 3 billion baht of the new debentures will be allotted to these individual investors. The minimum offering amount per investor is 1 million baht.

The offer period will be Oct. 1 to Oct. 31. The bonds will be issued on Nov. 1.

Siam Commercial Bank PCL, Kasikorn PCL, Bangok Bank PCL, Bank of Ayudhya PCL and Krung Thai Bank PCL are the underwriters.

The company's board of directors approved the issuance on Aug. 25.

The cement company is based in Bangkok.

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