Thai PTT Chemical to sell long-term bonds next week

BANGKOK, June 10 (Reuters) - PTT Chemical PTTC.BK, Thailand's top olefins maker, said on Wednesday it planned to sell up to 3 billion baht ($88 million) of bonds in two tranches next week.

The first tranche would have a maturity of seven years with a coupon rate of 4.90 percent. Another tranche of 10-year bonds would carry a coupon rate of 5.50 percent, the company said in a statement.

The bonds, rated "A+" by Thailand's Fitch Ratings, will be offered to investors from June 16 to 18. Siam Commercial Bank SCB.BK and Krung Thai Bank KTB.BK are the underwriters.

Benchmark seven-year government bonds were yielding 3.91 percent at 0442 GMT in the secondary market, while ten-year government bonds were yielding 4.05 percent.

PTTCH has said it planned to invest 39.7 billion baht during 2009-2013, of which 25 billion baht would be spent this year to boost olefins capacity by 100,000 tonnes a year and propylene by 50,000 tonnes a year.

PTTCH produces ethylene and propylene, together called olefins, petrochemicals used to make plastic pellets for packaging and other industries.

At 0444 GMT, PTTCH shares were up 3.46 percent at 59.75 baht, while the overall Thai market was 1.54 percent higher. ($1=34.11 Baht) (Reporting by Satawasin Staporncharnchai; Writing by Arada Therdthammakun; Editing by Darren Schuettler)