APM summitted RT's filling to SEC Office in preparation of sales of unsubordinated and unsecured debentures with bondholders' representative. The debentures comprise of 2 tranches: 3 years and 6 months and 5 years respectively to institutional investors and/or high net worth investors with a total value of not exceeding 1,000 million baht with fixed interest rate at 5.25% and 5.75%. The objectives are to invest in new projects, working capital, and to pay off loans to financial institutions. The sales are expected to be offered on August 8-10 2022.
Mr. Chawalit Tanomtin, Chief Executive Officer at Right Tunnelling Public Company Limited or RT, a specialist in civil engineering and geotechnical work, said that the Company is currently focusing on cost management and construction work in the midst of crisis to maximize work efficiency; at the same time, monitoring and bidding for new construction works in both the public and private sectors to increase the regular work opportunities. The company is expected to increase its backlog to meet the 2022 target of 8.5 billion baht.
Dr. Somphob Sakpunpanom, Chairman of Asset Pro Management Company Limited, or APM, as RT’s financial advisor, mentioned that the Company has prepared financial instruments to support the growth of RT. Recently, the Company also had issued 2-year warrants: RT-W1, to existing shareholders of the Company at the ratio of 5:1 at a convertible exercise price of 1.35 baht per share. The first trading day was on June 14, 2022. In addition, the Company continues to focus on issuing financial instrument to enhance RT's business liquidity.
Tris Rating Company Limited has also rated RT with a 'BBB-' rating, 'stable' from the strengths of the specialized construction business, which requires expertise and experience, as well as strong competitiveness, and the construction of tunnels and underground track records trusted by both the public and private sectors.
Mr. Somsak Sirichainarumitr, Chief Executive Officer of Asset Pro Management Company Limited, or APM, said it has summitted a draft filing statement to the Securities and Exchange Commission (SEC) for the issuance and sales of long-term debentures specified the holder 's name, unsubordinated and unsecured debenture with bond representative. The issuer has the right to redeem the debentures before the maturity date in total of 2 tranches as follows:CALLABLE AND UNSECURED DEBENTURES OF RIGHT TUNNELLING PUBLIC COMPANY LIMITED NO. 1/2022 TRANCHE 1 DUE 2026 ("Tranche 1"), 3 years and 6 months with the fixed coupon rate at 5.25% per annum. The interest is paid quarterly throughout the debenture’s term: CALLABLE AND UNSECURED DEBENTURES OF RIGHT TUNNELLING PUBLIC COMPANY LIMITED NO. 1/2022 TRANCHE 2 DUE 2027 ("Tranche 2"), 5 years with the fixed coupon rate of 5.75% per annum. The interest is paid quarterly throughout the debentures' term. The total amount offered for sale is worth not exceeding 1,000 million baht.
The purpose of the issuance of debenture is to invest the proceeds in new construction projects received upon a regular basis. It is also used as the working capital for the business and construction projects to increase the liquidity in the operations and to pay off the debts to financial institutions.
Mr. Suriya Thammatheera, Deputy Managing Director of Asset Pro Management Company Limited or APM mentioned that the company has submitted filing documents to SEC Office on June 24, 2022. The process is currently underway. The date of the sales is expected to be on August 8-10, 2022, and the issue date and offering of debentures are set on August 11, 2022.
Mr. Nattapong Na Ranong, Chief Executive Officer of KTBST Securities Public Company Limited, lead underwriter of the sales of debentures, said that the offering of debentures is for institutional investors and/or major investors (Institutional and High Net Worth Investor: II&HNW),
together with other co-underwriters such as Asia Plus Securities Company Limited, CGS-CIMB Securities (Thailand) Company Limited, Yuanta Securities (Thailand) Company Limited, Phillip Securities (Thailand) Public Company Limited, and Capital Nomura Securities Public Company Limited. In addition, Bank of Ayudhya Public Company Limited is the debenture registrar.