Thai Minor plans 1.5 bln baht bonds in October
BANGKOK, Sept 26 (Reuters) - Minor International PCL MINT.BK, Thailand's largest listed hotelier and fast food franchise firm, said on Friday it would sell bonds of up to 1.5 billion baht ($44 million) next month to fund business expansion.
The bonds, rated "A" by Thailand's TRIS Rating, would have a maturity of 3 years and be offered to institutional investors, senior financial director Prapharat Tangkawattana told Reuters.
"The bonds are worth 1.0-1.5 billion baht. We will sell them in October to fund capex," Prapharat said, adding the coupon should follow market conditions.
Benchmark three-year government bonds were yielding 3.99 percent at 0413 GMT, down from Thursday's close of 4.16 percent.
The senior debenture, underwritten by Barclays Capital Securities (Thailand), is part of an announced plan to sell bonds worth 10 billion baht to expand its business and repay debts.
Minor has said it plans to invest 17 billion baht over the next five years to open and acquire new hotels and increase its food outlets at home and overseas.
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.
At 0422 GMT, shares in Minor were up 0.9 percent at 11.30 baht, outperforming the overall stock market index .SETI, which was 0.91 percent lower. ($1=33.94 Baht) (Reporting by Arada Therdthammakun; Editing by Ed Cropley)
