Thai Minor delays bond sale due to global crisis
BANGKOK, Oct 14 (Reuters) - Minor International PCL MINT.BK, Thailand's largest listed hotelier and fast food franchise firm, said on Tuesday it had postponed a plan to sell bonds worth 1.0 billion baht ($29 million) from October.
The delay was due to the global credit crunch and the company had not decided when it would launch the issue, Senior Finance Director Prapharat Tangkawattana told Reuters.
"We don't think the current market situation is the right time for the bond issue," she said.
Minor had planned to sell three-year bonds worth up to 1.5 billion baht to institutional investors to fund expansion.
The senior debenture, underwritten by Barclays Capital Securities (Thailand), is part of a plan to sell bonds worth 10 billion baht to expand its business and repay debts.
The worldwide credit crisis has prompted some Thai firms to adjust their financing plans. Sugar miller Khon Kaen Sugar KSL.BK, for example, has scaled back a bond issue for November to 1.5 billion baht from 2 billion.
Minor runs 16 hotels under the Four Seasons, Marriott and Anantara brands in Thailand, Sri Lanka, Vietnam and the Maldives and owns food franchises including Burger King, Dairy Queen, Swensen's and Sizzler. ($1=34.07 Baht) (Reporting by Saranya Suksomkij; Writing by Viparat Jantraprap; Editing by Alan Raybould)
