BANGKOK, March 3 Thailand's largest convenience
store chain CP All Pcl is raising 160 billion baht
($4.9 billion) through a bond issue and long-term syndicated
loans to refinance debt used for an acquisition of wholesaler
Siam Makro, sources said.
CP All, controlled by Thailand's wealthiest man, Dhanin
Chearavanont and which operates stores under the 7-Eleven brand,
has been looking to refinance a short-term $4.2 billion loan
used for the $6.6 billion acquisition of the cash-and-carry
wholesaler - Asia's most expensive consumer sector deal by
multiple at 53 times earnings.
Thailand's political crisis and an economic slowdown that
have seen the value of the Thai baht THB=TH slide by around 11
percent since April had bruised Dhanin's ambitions for the
The company will sign a 120 billion baht loan deal with
domestic banks next week, one source with direct knowledge of
the deal said.
The company will also offer up to 40 billion baht in bonds
between March 24-26, with bookbuilding set for March 14, another
source said, adding the bonds will have maturities of 3, 5, 7
and 10 years.
The bond's underwriters include Bangkok Bank, Krung
Thai Bank, Bank of Ayudhya, Siam Commercial
Bank, Standard Chartered Bank (Thai) and Phatra
Securities, HSBC (Bangkok branch), Thanachart Bank and Capital
($1 = 32.6250 Thai baht)
(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya
Jittapong; Editing by Louise Heavens)