TUF's Debentures Setting a New Benchmark

Thai Union Frozen Products Public Company Limited ("TUF"), Thailand's leading processor and exporter of canned and frozen seafood products, successfully offered its THB debentures to a group of institutional and high net worth investors. This is TUF's fourth time of issuing THB debentures since its debut issuance in 2007. The proceeds from this issuance will be mainly used to refinance the portion of TUF's long term debts that will be due later this year as well as optimizing the balance of the company's short and long terms debts.

Mr. Thiraphong Chansiri, President of TUF, said that TUF had successfully issued THB debentures of 3-year, 5-year, 7-year and 10-year maturities, which had all been assigned AA- rating by TRIS Rating (Thailand) Limited. KASIKORNBANK Public Company Limited and HSBC are appointed as Joint Lead Arrangers for the debenture issuance.

"Despite the current market volatility, TUF has been able to successfully launch its first THB debentures of the year. This clearly demonstrated investors' high confidence in TUF. They had indeed shown very strong interest during the book building exercise. The demand was so overwhelming that the company exercised a greenshoe option to accommodate such strong demand, resulting in 4.5 times oversubscription. The oversubscription of this scale was considered very positive. In order to accommodate this strong interest, we, therefore, decided to increase the issuance size from the initial target of THB 6 billion to THB 8.25 billion", Mr. Chansiri said.

"The success of this debenture offering is a result of the strong confidence the investors have in our solid performance, strong competitiveness and good corporate governance widely recognized in the local and global markets."

"After a challenging period in 2013, we look forward to new growth opportunities and continual implementation of initiatives that would further strengthen our financial position, both domestically and internationally," Mr. Chansiri said.