True Corporation prepares to offer new bonds, highlighting strong fundamentals, emphasizing stable returns
True Corporation Public Company Limited is preparing to offer a new debenture series to general investors, 5 series, with terms ranging from 3 to 10 years, fixed interest rates between 3.00% - 3.95% per year, paying interest every 6 months, with a credit rating of "A+", "Stable" outlook from TRIS Rating, expected to open for subscription between May 2 and May 6-7, 2568.
True Corporation Public Company Limited is preparing to offer five new series of debentures to the general public, with maturities ranging from 3 to 10 years. The debentures offer a fixed interest rate of 3.00% – 3.95% per annum, payable every six months, with a credit rating of “A+” with a “Stable” outlook from TRIS Rating. This reflects True Corporation’s strength in the telecommunications and digital technology businesses. Subscriptions are expected to open on May 2nd and May 6th-7th, 2025, through seven leading financial institutions: Bangkok Bank, Kasikornbank, Siam Commercial Bank, CIMB, UOB, Kiatnakin Phatra Securities, and Asia Plus Securities, as well as via the TrueMoney Wallet application. Krungsri Bank will act as the debenture registrar and debenture holder representative.
Ms. Yupapha Leewongcharoen, Co-Chief Financial Officer of True Corporation Public Company Limited, stated that the merger between True and dtac, now in its second year, has strengthened the company's capabilities and resulted in sustainable growth. In 2024, the company generated service revenue (excluding interconnection charges or IC) of 1.66 billion baht, a 4.6% increase from the previous year; EBITDA of 9.81 billion baht, a 14.5% increase year-on-year; and adjusted net profit of 9.9 billion baht. EBITDA has shown continuous growth for eight consecutive quarters. For 2025, the company expects to begin generating net profit after tax.
In addition, on March 11, 2568, True Corporation announced the restructuring of its executives to strengthen its leadership team and drive the company to grow on par with world-class companies by appointing three key positions: Group CEO, who will oversee the company’s overall strategic direction; President/CEO – Enterprise & Data Business, who will oversee the digital, online, True Visions, data, and enterprise customer groups to transform True’s digital landscape to be ready for changes in the future; and President/CEO – Consumer Business, who will be responsible for the mobile business and customer service. This restructuring reflects the vision to prepare for future challenges and strengthen its financial position.
The company and the debentures to be offered in this offering have been rated “A+” with a “Stable” outlook by TRIS Rating Company Limited on March 20, 2568. This reflects the company's leading position in the mobile phone and broadband internet market, reinforced by a nationwide network, extensive spectrum coverage, and familiar brand names to consumers. Furthermore, positive factors from the expected benefits of the merger, as well as the anticipated improvement in the company's operational efficiency in the future, are also contributing to this positive outlook.
The bond issuance manager added, “Following the Bank of Thailand's announcement of a 0.25% reduction in the policy interest rate on February 26, 2568, and the expectation that the Bank of Thailand may reduce interest rates again at its meeting on June 25, 2568, this period presents a good opportunity for investors to accumulate bonds to lock in returns before further interest rate cuts. This is especially true for investors who prefer high-quality bonds. With True's high credit rating of “A+” with a “stable” outlook, True bonds are an attractive investment option at this time.”
This debenture offering will be made publicly in five tranches, with maturities ranging from 3 to 10 years, catering to all investor groups, whether those seeking short-term, medium-term, or long-term investments. The purpose of this debenture issuance is to repay debt from a previous debt issuance. These are registered, unsecured, non-subordinated debentures with a debenture holder representative, and interest will be paid every six months throughout the debenture's term.
It is expected that the subscription will be open between 2 and 6-7 May 2568 for general investors. The minimum subscription value is 100,000 baht and multiples of 100,000 baht. The company believes that the debentures offered for sale this time will be well-received by investors as in every past time.
The details of the five bond series offered for sale are as follows:
- Bond Series 1, 3-year term, fixed interest rate [3.00 – 3.15]% per year
- Bond Series 2, 4-year term, fixed interest rate [3.30 – 3.45]% per year
- Bond Series 3, 5-year term, fixed interest rate [3.45 – 3.60]% per year
- Bond Series 4, 7-year term, fixed interest rate [3.65 – 3.80]% per year
- Bond Issue No. 5, 10-year term, fixed interest rate [3.80 – 3.95]% per annum, and the issuer has the right to redeem the bond before the maturity date from the 5th year onwards.
The exact interest rate will be announced later. The company is currently in the process of filing the registration statement for the bond offering and the draft prospectus, which are not yet effective as they are under review by the SEC (Securities and Exchange Commission). Investors can find more details in the registration statement and draft prospectus at www.sec.or.th or inquire with the seven bond underwriters, which are:
- Bangkok Bank Public Company Limited
- Kasikorn Bank Public Company Limited
- Siam Commercial Bank Public Company Limited
- CIMB Thai Bank Public Company Limited
- United Overseas Bank Public Company Limited
- Asia Plus Securities Company Limited
- Securities company Kiatnakin Phatra Public Company Limited
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