Thaicom Looks to Raise $209 Million to Pay for Satellites
October 28, 2009
Thaicom, operator of the IPStar satellite broadband system, is looking to raise $209 million in funding through the issuance of 3- and 5-year senior debt notes, the company announced Oct. 27.
Investors can purchase a minimum of about $3,000 worth of Thaicom debt at 5.25 percent yearly interest between Nov. 2-5 from major banks in Thailand, including Bangkok Bank, KasikornBank, Krung Thai Bank, TMB Bank and The Standard Chartered Bank.
Thaicom CEO Arak Chonlatanon said the proceeds would be used to repay foreign loans the company took out to pay for the Thaicom 4and Thaicom 5 satellites. “The benefits in offering the debentures are that the company will have more flexibility in the management of the business, a reduction in uncertainty resulted from currency rate fluctuations as well as reducing the cost of fund,” Chonlatanon said in a statement.