B.Grimm prepares to borrow B8bn for power plant growth
B.Grimm Power plans to issue 6 billion baht in subordinated perpetual debentures in November to expand power plant operations domestically and abroad.
The company will also offer 2 billion baht in a greenshoe option to public investors from Nov 19 to 21 with a coupon of 5% for the first five years.
Tris Rating has assigned a company rating of A with a stable outlook and an issue rating of BBB+ with a stable outlook.
B.Grimm has appointed Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, Phatra Securities and Asia Plus Securities as arrangers.
Preeyanart Soontornwata, president of B.Grimm Power, said the company recently submitted a filing to the Securities and Exchange Commission to approve the issue and offer the subordinated perpetual debentures.
The purpose of the issuance is to raise capital for upcoming business expansion.
“B.Grimm has been beating investors’ expectations since our IPO in 2017, with our capability to develop and operate private power plants of all sorts, within and beyond the country,” Ms Preeyanart said. “We have expanded from 30 power projects with 1,646 megawatts installed capacity to 45 projects with 2,892MW installed capacity in just two years. We have also just commenced two solar power plant projects in Vietnam, one with 257MW and one with 420MW installed capacity, regarded as the largest solar power plant project in Asean, and a hydropower plant in Laos.”
She said B.Grimm is exploring opportunities to invest in South Korea, Malaysia, Cambodia and the Philippines.
B.Grimm Power’s projects are about 75% domestic and 25% foreign by plant numbers. The company aims to expand capacity to 5,000MW by 2022.
The company has 56 projects on hand with a total installed capacity of 3,245MW.
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B.Grimm has been beating investors’ expectations since our IPO in 2017. PREEYANART SOONTORNWATA
President, B.Grimm Power