WHA Rejoices on Oversubscription of ฿4Bn Bonds, Showing Solid Investors’ Confidence
WHA Successfully Placed ฿4,000 Million Bonds with Oversubscription, Confirming Solid Investors' Confidence.

WHA Successfully Placed ฿4,000 Million Bonds with Oversubscription, Confirming Solid Investors' Confidence.
7 ก.ค. 2563

WHA Corporation Public Company Limited (WHA) stated that the company has received significant demand to bond no.1/2020 with total offerings of Baht 4,000 million which reflected investors’ solid confidence in the company’s strong fundamentals, solid financials and clear business expansion plans.
 
Ms. Jareeporn Jarukornsakul, Chairman and Group CEO, is confident that the business will have been performing very well in the second half of the year, with the continuous growth of the Logistics Business, in line with the e-commerce and consumer sector. In addition, the company expects to receive a great deal from industrial land sales after the recovery of COVID-19 pandemic and plans to launch its 10th industrial estate in the Eastern Economic Corridor (EEC), resulting in WHA Group having 12 industrial estates across Thailand and Vietnam.
For the Utilities Business, WHA forecasts a higher sale volume of water than the first half of the year after the ease of drought situation. Furthermore, the company’s Power Business is expected to reach a total of 590 equity MW in operation by the end of 2020. Meanwhile, as a result of the COVID-19 pandemic, Digital Business is growing well.
Also, the company has signed the contract with the customer to provide data center service of 109 racks. Furthermore, WHA received a license from the National Broadcasting and Telecommunications Commission (NBTC) to test 5G with the leading network service providers in its industrial estates.
In addition, the company has planned to monetize its assets to WHART and HREIT with a total value of approximately Baht 4,600 million by the end of this year, as planned. As of the 1st quarter of 2020, WHART and HREIT have an occupancy rate of 91.9% and 95.3% , respectively.
 
Ms. Jareeporn reveals that the bond issuance No. 1/2020 by the company totaling Baht 4,000 million, offering from 30 June to 2 July 2020 has received strong investors’ demand. There are 3 tranches of bond: the first with 3-year term matured in 2020 amounting Baht 2,050 million, the second with 4-year term matured in 2024 amounting Baht 1,450 million and the third with 5-year term matured in 2025 amounting Baht 500 million. The fixed interest rates are 3.30%, 3.75% and 4.20%, respectively. The successful bond issuance also reflects investors’ confidence in WHA Group’s robust business expansion plans, committed management, strong fundamentals and solid financial position.
With the proceeds raised from the issuance of bonds, the company has planned to use it for debt repayment, CAPEX, new investment for business expansion, and/or working capital to support its business operations.
 
Tris Rating Co. has assigned WHA Group’s bond No. 1/2020 “A-” rating, as of 24 March 2020. The bonds offered from 30 June to 2 July 2020 were distributed via 3 underwriters, namely Kasikorn Bank, Siam Commercial Bank and UOB Bank.