PTT Signs $300 Million Loan Agreement
The new fund will be used as the company's capital and to refinance the existing loans in order to further strengthen its position for being Thailand's national energy company. The success of today's agreement also reflects positive outlook of PTT as well as the strong confidence of foreign investors toward Thailand amid the ongoing political reform.
Today, November 14, 2006, Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT), has signed a US$300-million loan agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Barclays Capital and Mizuho Corporate Bank, Ltd. The 7-year amortizing at Libor+0.265% loan will be used for the company's investment, revolving capital, and debt refinancing in accordance to the resolution of the company's Board of Directors and shareholders in December 2005 and April 2006 respectively.
Mr. Prasert revealed that being the listed company in the Stock Exchange of Thailand (SET), PTT is under a close monitoring by many parties such as investors, stock analysts, the SET as well as many other local and foreign financial institutions in order to ensure the transparent and auditable management of PTT. Amid the current political reform in Thailand, the success of today's agreement has indicated a strong confidence from all involved parties toward PTT as well as Thailand's macro economy.
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