Thai Union to Issue Subordinated Perpetual Debentures in November to Strengthen Financial Structure, Boost Growth Potential
9 October 2019, BANGKOK - Thai Union Group PCL., one of the world’s largest seafood companies, is preparing to issue up to THB 4 billion 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-.
Caption: Thiraphong Chansiri, CEO of Thai Union
The company 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®.
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.
About Thai Union Group
Thai Union Group PCL is the world’s seafood leader bringing high quality, healthy, tasty and innovative seafood products to customers across the world for more than 40 years.
Today, Thai Union is regarded as the world’s largest producer of shelf-stable tuna products with annual sales exceeding THB 133.3 billion (US$ 4.1 billion) and a global workforce of over 47,000 people who are dedicated to pioneering sustainable, innovative seafood products.
The company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and Rügen Fisch and Thai-leading brands SEALECT, Fisho, Qfresh, Monori, Bellotta and Marvo.
As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding member of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange® sustainability strategy. Find out more at seachangesustainability.org. Thai Union’s on-going work on sustainability issues was recognized in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score. Thai Union has now been named to the DJSI for six consecutive years. Thai Union was also named to the FTSE4Good Emerging Index for the third straight year in 2018.
Media contacts
Thai Union Group PCL.
Wiriyaporn Posayanonda
Head of External Communications
M: +66.63.231.0385
E: Wiriyaporn.Posayanonda@thaiunion.com
Jirawat Montreevong
External Communications Manager
M: +66.80.976.4613
E: Jirawat.Montreevong@thaiunion.com