Thai True Corp plans bond sale in December

BANGKOK, Nov 24 (Reuters) - Thai telecoms firm True Corp TRUE.BK will sell up to 5 billion baht ($142 million) of bonds in December to refinance debt, underwriters said on Monday.

The bonds, with maturities of up to five years and rated "BBB" by Thailand's Tris Rating, were likely to be divided into two tranches and issued to both institutional investors and the public, two officials said.

"We are working on the details. In the initial plan, the bonds should be issued in the middle of next month, but it depends on market conditions," one underwriter said.

Bangkok Bank BBL.BK, Krung Thai Bank KTB.BK, Siam Commercial Bank SCB.BK, Kasikornbank KBAN.BK and Bank of Ayudhya BAY.BK are the underwriters, the firm said in a filing with the Securities and Exchange Commission.

The proceeds would be used to repay existing debentures, primarily 6.75 billion baht in bonds due in 2011 TRUE112A=TS, in order to reduce refinancing risks at a time of uncertainty in financial markets worldwide, TRIS Rating said in a statement.

TRUE is also in the process of raising 19.5 billion baht through rights a issue, in part to fund investment in third-generation mobile services.

At 0927 GMT, True Corp shares were down 4.27 percent at 1.12 baht, while the main Thai index .SETI was down 2.68 percent. ($1=35.27 Baht) (Reporting by Arada Therdthammakun; Editing by Alan Raybould)