True Group has signed a credit facilities agreement with Siam Commercial Bank PCL (SCB) and Krung Thai Bank PCL (KTB) as lead arrangers of a group of Thai commercial banks, including United Overseas Bank (Thai) PCL (UOB), and Export-Import Bank of Thailand (EXIM). The total amount of Baht 48,940 million will be used by True Mobile Business Group to invest in wireless expansion, refinance existing debt and as working capital.
“SCB is honoured by the trust placed in us by True Group,” said SCB President Kannikar Chalitaporn.
“SCB is more than ready to provide every support to True Group to help it achieve its long-term strategy of being Thailand’s convergence lifestyle leader,” she added.
“This financial support covers a full suite of financial services, starting with providing financial consultation regarding appropriate business and financial structuring for True’s wireless business so that it remains competitive.”
“Being one of the joint lead arrangers, together with Krung Thai Bank, allows SCB to provide long-term funding for 3G technology development by True Group.”
“The Baht 48,940 million package will strengthen True’s potential to provide HSPA 3G services and the new technology will give Thailand full-level wireless broadband technology which will benefit consumers and enhance True Group’s convergence strategies.”
“SCB would like to thank United Overseas Bank (Thai) PCL and the Export-Import Bank of Thailand for joining the syndication as partners.”
Krung Thai Bank President Apisak Tantivorawong noted that KTB is moving forward into supporting loans across all key sectors.
“The Bank is especially delighted to participate in the financial arrangements for True Group as it has very distinctive long-term strategies for becoming the convergence leader.”
“True will use the finance to improve and enhance wireless telecommunications and 3G services in Thailand. As a result, the technology will be available throughout the country, as per the communications needs of Thai consumers who depend on fast access to information and news, without boundaries.”
Suphachai Chearavanont, President & CEO of True Group thanked the group of commercial banks behind the financing.
“We would like to thank Siam Commercial Bank PCL and Krung Thai Bank PCL as well as United Overseas Bank (Thai) PCL , and Export-Import Bank of Thailand for their trust in extending financial support to True Group. We are very encouraged by their confidence in the business potential of private Thai companies that seek to spearhead efforts by the Thai telecommunications industry to put the country on a par with rest of the world.”
“The credit facilities, totalling Baht 48,940 million, comprise term-loan facilities of up to 10 years and revolving working capital facilities where part can be used to refinance existing debt.”
“This is an important opportunity for True Group to invest in its wireless business to increase network capacity and coverage, so as to maximize benefits for the Thai people by giving them free access to the knowledge and information they need for themselves to be happy and successful.”
Source: PR News