Thai Union Group PCL (TU) has announced its decision to redeem all outstanding Subordinated Perpetual Debentures (TU19PA) by exercising its call option in accordance with the terms and conditions of the debenture agreement. The redemption, scheduled for November 29, 2024, with a book-closing date of November 15, 2025, for debenture holders.
Mr.Thiraphong Chansiri CEO of Thai Union Group PCL said "The company will redeem the debentures at par value and pay accrued interest up to the redemption date to all eligible debenture holders. This early redemption reflects Thai Union's strong financial position and ongoing commitment to optimizing its capital structure. By redeeming these subordinated perpetual debentures, we anticipate an annual reduction in financing costs of approximately THB150 million. This move aligns with our broader efforts to enhance financial flexibility and maximize shareholder value."
Thai Union's Global Treasury Center remains instrumental in managing the company's financial health, overseeing liquidity, cash flow, fundraising, and risk management. The center's proactive financial planning approach ensures that the company remains well-prepared to navigate evolving economic conditions and maintain a strong financial position. For example, through effective hedging, Thai Union can mitigate risks related to exchange rate fluctuations. While the current strength of the Thai Baht brings short-term stability, it's longer-term impact on Thailand's competitiveness will require careful monitoring.
TRIS affirmation no change on Thai Union credit rating after the redemption of subordinated perpetual debentures. In September 2024, Thai Union's company rating and the ratings on its senior unsecured debentures were affirmed by TRIS Rating at "A+" and those on its subordinated capital debentures (hybrid debentures) at "A-", with a "stable" outlook. Such ratings reflect Thai Union's strong market position as one of the world's leading seafood processors, the diversity of its products and markets, and its strong brand portfolio in Europe and the U.S. Thai Union also has strategic investments in upstream and downstream businesses including food ingredient and feed businesses.
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