Mitihoon – Bangkok, March 21, 2025 – True Corporation Plc, Thailand’s leading telecom-tech company and ranked first in the world for DJSI Sustainability Index 2024 in the telecommunication industry for the seventh consecutive years, is preparing to offer new five tranches of debentures with maturities ranging from 3 to 10 years, and with fixed interest rates between [3.00 – 3.95]% per annum, payable semi-annually. The Company and its debentures have maintained an “A+” credit rating with a “Stable” outlook from TRIS Rating, reflecting True Corporation’s strengths in both the telecommunications and digital technology sectors. The subscription period is expected to be during May 2 and May 6-7, 2025, through seven leading financial institutions: Bangkok Bank, KASIKORNBANK, Siam Commercial Bank, CIMB Thai Bank, United Overseas Bank (Thai), Kiatnakin Phatra Securities, and Asia Plus Securities, as well as through the TrueMoney Wallet app, with Krungsri Bank serving as the registrar and representative for debenture holders.
Ms. Yupa Leewongcharoen, Chief Financial Officer (Co) of True Corporation Plc., stated that “True Corporation has reaffirmed its position as Thailand’s leading telecom-tech company. The amalgamation of True and dtac, now in its second year, has significantly strengthened the company’s scale and capabilities, driving sustainable growth. This is reflected in our strong financial performance in 2024, with total service revenue (excluding interconnection charges) reaching THB 166 billion, a 4.6% increase from the previous year. EBITDA grew 14.5% to THB 98.1 billion, while adjusted net profit was THB 9.9 billion. EBITDA has now presented consistent growth for eight consecutive quarters. For 2025, True Corporation projects to generate a net profit after tax.”
Furthermore, on March 11, 2025, True Corporation announced a top-level management restructuring aimed at strengthening its executive team and driving the company’s transformation into a world-class tech company. The key appointments include a Group CEO, overseeing the company’s overall strategic direction, a President/CEO of Enterprise & Data Business, leading the company’s core Digital, Online, TrueVisions, Enterprise and Data Business to accelerate True’s digital transformation in response to future global changes; and a President/CEO – Consumer Business, leading the Mobile Business and Customer Services, responsible for the mobile business group, overseeing the company’s mobile customers. This restructuring reflects True Corporation’s long-term vision to navigate industry challenges and strengthen its financial position.
The Company and the new debentures offered have been rated “A+” with a “Stable” outlook by TRIS Rating Co., Ltd. on 20 March 2025. This rating reflects the company’s strong market leadership in the mobile and broadband sectors, supported by nationwide network coverage, a comprehensive frequency spectrum, and a well-recognized brand name. Furthermore, the company is expected to continue benefiting from post-merger synergies and enhanced operational efficiency.
The arrangers of the transaction added, “The Bank of Thailand’s recent policy rate cut of 0.25% on February 26, 2025, along with expectations for another rate cut in June 2025 meeting, presents an investment opportunity for investors to lock in stable returns. Investors seeking high-quality debentures with an ‘A+’ credit rating and a ‘Stable’ outlook will find True Corporation’s issuance an attractive option at this time.”
The debentures is public offering with maturities ranging from 3 to 10 years, catering to investors across all groups, whether they are seeking short-term, medium-term, or long-term investments. The objectives of this issuance include using the funds raised to repay outstanding debts. The debentures are unsubordinated and unsecured with a debentureholders’ representative, and coupons are payable semi-annually. Subscriptions periods are expected to be during May 2 and May 6-7, 2025, with a minimum subscription amount of 100,000 baht and increments of 100,000 baht. The company anticipates that the debentures offered in this issuance will received favorable feedback from investors, as they have in the past.
The details of all five series of debentures are as follows:
- 1st Tranche: 3-year tenor with a fixed coupon rate of [00 – 3.15]% per annum
- 2nd Tranche: 4-year tenor with a fixed coupon rate of [30 – 3.45]% per annum
- 3rd Tranche: 5-year tenor with a fixed coupon rate of [45 – 3.60]% per annum
- 4th Tranche: 7-year tenor with a fixed coupon rate of [65 – 3.80]% per annum
- 5th Tranche: 10-year tenor with a fixed coupon rate of [3.80 – 3.95]% per annum, with a call option since the 5th year.
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