Thailand Electricity Firm Plans 44 Billion Baht Debentures.

Byline: Busrin Treerapongpichit

Oct. 3--Ratchaburi Electricity Generating Holding Plc plans to issue 44 billion baht worth of debentures early next year to refinance debts, according to managing director Boonchoo Direksathapon.

The debenture issue, already approved by the board of the Ratchaburi power plant operator, is being reviewed by SCB Securities, the company's financial adviser.

The debentures are expected to be issued in the first quarter of next year at the earliest. There will be two tranches, with the number and value of each to be determined by the investment plan.

The company has already invested more than 18 billion baht in Units 1 and 2 of the thermal power plant at Ratchaburi, with generating capacity of 735 megawatts each.

In addition, it will assume ownership of two combined-cycle power plant blocks worth a total of 18 billion baht with generating capacity of 725 megawatts each from Electricity Generating Authority of Thailand (Egat) by December.

The transfer of the two blocks was delayed from Oct 31, the company told the Stock Exchange of Thailand yesterday. The Oct 31 date in fact represented a delay from the original deadline of Aug 31. The company cited the need for further testing.