BSRC’s THB 8 Billion Debenture Issue Oversubscribed
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BSRC’s THB 8 Billion Debenture Issue Oversubscribed

Strong investor confidence drives BSRC’s latest A+ rated debenture offering to exceed expectations.

BSRC’s THB 8 Billion Debenture Issue Oversubscribed

Bangkok – Bangchak Sriracha Public Company Limited (BSRC) has successfully concluded its THB 8 billion debenture issuance, with strong investor demand leading to an oversubscription, reflecting market confidence in the company’s financial strength and strategic direction. The debentures have been assigned an A+ rating with a stable outlook by TRIS Rating, underscoring BSRC’s solid business position and long-term growth potential.

Mr. Anuwat Rungruangrattanagul, Director, Acting Chief Executive Officer, and Senior Executive Vice President of Refinery & Operations at BSRC, expressed gratitude for the overwhelming investor response, stating:

“We are immensely grateful to our investors for their support and confidence in BSRC’s vision, strategies, and performance. The success of this debenture issuance reflects the market’s trust in our synergy with the Bangchak Group and our commitment to sustainable growth.”

Details of the Debenture Issuance

On 31 January 2025, BSRC issued unsubordinated and unsecured debentures with a debenture holders’ representative, offering a total par value of THB 8 billion across three tranches:

  1. Tranche 1: 3-year tenor, 2.85% p.a. discount rate (zero-coupon bond, no interest payment).
  2. Tranche 2: 5-year tenor, 3.34% p.a. interest rate.
  3. Tranche 3: 10-year tenor, 3.75% p.a. interest rate.

These debentures were offered exclusively to institutional and high-net-worth investors (excluding individuals) through a syndicate of joint arrangers, including TMBThanachart Bank, Siam Commercial Bank, UOB Bank, and Government Savings Bank.

Investor Confidence in BSRC’s Growth Trajectory

This marks BSRC’s second debenture issuance, following its highly successful debut offering in July 2024. The strong demand for this latest issuance further validates BSRC’s strategic direction, particularly in leveraging synergies with Bangchak Group to enhance operational efficiency and financial resilience.

According to TRIS Rating’s assessment on 28 November 2024, BSRC’s A+ rating with a stable outlook reflects:

  • A strong financial position with steady cash flows.
  • A robust business model within the refining sector.
  • A strategic alignment with Bangchak Group’s long-term sustainability and expansion plans.

Utilisation of Funds and Commitment to Sustainability

Mr. Anuwat reaffirmed BSRC’s commitment to financial prudence and sustainable growth, stating that the proceeds from the debenture issuance will primarily be used for repayment of undue financial institution debts. The company also plans to further its sustainability strategies, ensuring long-term value creation for investors while contributing to society and the environment.

“The success of BSRC’s debenture issuance in both 2024 and 2025 strengthens our confidence in delivering sustainable business returns while actively contributing to a more sustainable future,” he added.

With this successful issuance, BSRC continues to reinforce its position as a reliable and forward-looking player in Thailand’s energy sector, paving the way for future growth and investment opportunities.

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