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IVL becomes first Thai Co. to issue Singapore dollar bond
12
Oct '15
Indorama Ventures Public Company Limited (IVL), has become the first Thai company ever to receive an unconditional guarantee from Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB).This, after IVL, a world-leading producer of intermediate petrochemicals, successfully issued its first offshore foreign currency bond in the Singapore market, the company said in a press release.

The bonds will bear an interest rate of 3.73 per cent per annum, payable semi-annually in arrears and have a tenure of 10 years. The bond carries an AA issue rating from S&P.

“We were very pleased to see that the issue was sold out in a few hours and oversubscribed,” said Sanjay Ahuja, CFO of Indorama Ventures. “This was a good reflection of the confidence provided by the reputation of Indorama Ventures and the unconditional guarantee provided by CGIF. The senior, unsecured bonds of S$195 million will be used to refinance and extend the maturity of our debt.

“Indorama Ventures' maiden bond issue in the Singapore market is a landmark event for the company and the support offered by CGIF is a milestone in the debt market development of Thailand based companies,” said Ahuja.

CIMB Bank Berhad and United Overseas Bank Ltd. acted as the Joint Lead Managers and Bookrunners for the transaction. (SH)

Fibre2Fashion News Desk – India

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