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Thai Steel Company Seeks New Loans to Refinance Long-Term Debts.
Byline: Busrin Treerapongpichit
Aug. 1--Sahaviriya Steel Industries Plc (SSI) is preparing to refinance the balance of its long-term debts worth 12 billion baht by borrowing new loans at lower rates, according to executive vice-president Win Viriyaprapaikit.
Mr Win said the company's board in April had approved a plan to issue bonds worth up to six billion baht for debt refinancing but the approved amount was only half of the total needed.
"As interest rates are quite low now, we think it's worth borrowing in the financial market to fill the refinancing gap," he said yesterday.
Mr Win said the amount to be borrowed would not be finalised until the company settled the amount of bonds that would be issued before the end of the current quarter.
The company expects the bonds, with maturities of three to five years, to carry an interest rate of around three percent.
Mr Win said that out of SSI's outstanding debts of 18.7 billion baht, 12 billion represented baht-dominated long-term debt and the rest was short-term obligations.
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