TTA buys back and cancels $10.5m convertible bonds
On 19 July 2010, Thoresen Thai Agencies PLC ("TTA") confirmed the repurchase and cancellation of another USD 10.5 million of the company's convertible bonds to reduce long-term debt.
M.L. Chandchutha Chandratat, President & Chief Executive Officer of TTA, revealed that "TTA repurchased and cancelled USD 10,500,000 of convertible bonds. Altogether, we have repurchased USD 66,900,000 of convertible bonds and reduced the outstanding principal amount of the Bonds to USD 102,900,000. We will record a gain of approximately Baht 11 million from this last repurchase."
"We continuously weigh the use of our capital between building our business through investment in new projects and increasing our financial flexibility through repayment of debt. This transaction will decrease a portion of TTA's long-term debt." M.L. Chandchutha concluded.
TTA has issued and offered USD 169,800,000 Convertible Bonds to investors outside of Thailand on 24 September 2007.
Thoresen Thai Agencies Public Company Limited ("TTA") is a strategic investment holding company listed on the Stock Exchange of Thailand. Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. Previously, TTA has only invested and operated in the dry bulk shipping and related shipping services business. Then, the company has also expanded its investments into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited, and petroleum tankers through Petrolift, Inc.