TRIS Rating has rated Thai Union A+ with stable outlook and the Subordinated Perpetual Debentures rated at A-

Thai Union will issue subordinated perpetual debentures to strengthen financial structure

Thai Union Group PCL., one of the world’s largest seafood companies, is preparing to issue up to THB 4 billion (USD 131.7 million) debentures with an additional greenshoe of THB 2 billion, totaling of THB 6 billion, in order to strengthen its financial structure and build a long-term financial foundation. TRIS Rating has rated Thai Union A+ with stable outlook and the Subordinated Perpetual Debentures rated at A-.

The company informed that it has decided to issue “Subordinated Perpetual Debentures of Thai Union Group Public Company Limited No. 2/2562 Payable upon Liquidation with the Issuer’s call option and unconditional interest deferral”. In addition, Thai Union retains the right to call the debentures after five years or upon other conditions in accordance with the terms and conditions of the debentures as specified in the prospectus. The coupon is 5.00% p.a. for the first 5 years and will be payable quarterly. The Subordinated Perpetual Debentures will be offered to the retail and/or institutional investors. The subscription period is expected to be between 26-28 November 2019. Bangkok Bank PCL, Krung Thai Bank PCL, Siam Commercial Bank PCL and Phatra Securities PCL have been appointed joint-lead arrangers.

“Over our more than 40-year history, we have built a strong and successful company with a global footprint and a portfolio of 14 brands around the world,” said Thai Union CEO Thiraphong Chansiri. “Issuing these debentures will allow us to not only further strengthen our financial footing, but continue expanding our business as we pursue a path of consistent, solid growth.”

Thai Union owns leading brands in Thailand such as Sealect, Fisho, Qfresh, Monori, Thammachart Seafood, Bellotta and Marvo. Global seafood brands include John West in the UK, Ireland and the Netherlands; Petit Navire and Parmentier in France; Mareblu in Italy; Rügen Fisch in Germany, Chicken of the Sea and Genova in the U.S., and King Oscar which is available in a number of markets.

Chansiri said while Thai Union is the world’s number one canned tuna producer, it also has a diverse range of products worldwide which allows the company to effectively manage the business under varying economic conditions.

Thai Union was recently ranked number one in the world in the Food Products Industry Index of the Dow Jones Sustainability Indices (DJSI) for the second year in a row, and has been named to the DJSI for six consecutive years, driven by its global sustainability strategy, SeaChange®.

In spite of the good performance of the group, the strong indebtedness affects the results and the price of its shares on the stock exchange.

Moreover, Thai Union’s Global Innovation Center (GIC), established in 2015, acts as a center for research and the development of products for the company’s brands around the world. It was also created to combine modern nutritional science and production innovations to develop products that address the needs of consumers and the global food industry. The GIC also uses technology and innovation to improve production processes, providing additional benefits and value to customers, consumers and stakeholders. More than 40 Doctoral Degree scientists and over 120 researchers in the fields of marine biotechnology, engineering, medicine, food science and nutrition from around the world work at the GIC, coordinating and exchanging knowledge and expertise in R&D and using the latest technologies to provide the best outcomes for consumers and the environment.

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Address:	72/1 Moo 7, Sethakit 1 Road, Tambon Tarsrai
City:	Amphur Muangsamutsakorn
State/ZIP:	Samutsakorn (74000)
Country:	Thailand
Phone:	+66 2 298 0024
Fax:	+66 2 298 0548
E-Mail:	[email protected]
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