Thaicom has issued Bt4.55bn (US$140.4m) worth of debentures to help fund a new satellite and repay debt that backed the Thaicom 7 bird it launched on 7 September. The debentures come in two tranches that together will not exceed 4.55 million units,…
Thaicom has issued Bt4.55bn (US$140.4m) worth of debentures to help fund a new satellite and repay debt that backed the Thaicom 7 bird it launched on 7 September.
The debentures come in two tranches that together will not exceed 4.55 million units, priced at Bt1,000 (US$30.9) each. A five-year tranche will bear interest at 4.28% per year, while a seven-year tranche comes with an annual 4.68% coupon.
They will be offered from 29 September to 1 October through underwriters Kasikorn Bank (KBANK), Thanachart Bank (TBANK), Krung Thai Bank (KTB) and Standard Chartered Bank Thailand (SCBT).
The operator has previously said that its new satellite Thaicom 8, which it ordered from US-based Orbital Sciences to target a 2016 SpaceX launch, will cost about the same as Thaicom 7 at around US$178.5m.
The spacecraft, also known as Ipstar-2, is being fitted with 24 Ku-band transponders to meet rising demand for broadcast capacity in South Asia and Africa at 78.5E, where it will replace existing satellites reaching the end of their operational lives.
Thaicom posted Bt 11.8bn (US$364.1m) in total liabilities for 2013.
Local newspaper The Nation recently cited Thaicom CEO Suphajee Suthumpun as saying it needs interim satellite capacity to meet HD demand prior to Thaicom 8’s launch.
The company needs regulatory approval to purchase additional temporary capacity, added the report.
