For each of the 5 sets of TU bonds, they are:
- TU24OA matures on 9 October 2024, worth 3,500 million baht.
- TU264A to be redeemed on 11 April 2026, worth 75 million baht.
- TU26NA matures on 6 November 2026, worth 2,000 million baht.
- TU271A to be redeemed on 19 January 2027, worth 4,000 million baht.
- TU29NA to be redeemed on 6 November 2029, worth 4,000 million baht.
In addition, the company would like to inform if the company is unable to reach an agreement with the bondholders. The Company still has sufficient financial liquidity and credit facilities to enable partial or full redemption of non-consensual debentures.
At the same time, TU also informed the Stock Exchange of TRIS Rating Co., Ltd. on the company’s debentures TRIS Rating gave its opinion that Although the one-time non-financial impairment of the investment in Red Lobsters will have a significant impact on the company’s results in 2023, TRIS Rating is of the opinion that net profit will the company will recover starting in 2024 as there will be no more losses from the Red Lobster business. Therefore, TRIS Rating is of the opinion that this impairment item has not yet had an impact on the credit rating and prospects of the companies that ‘n is at A+ level
TU previously informed the Stock Exchange of Thailand that the company has carefully considered and decided to withdraw investment from Red Lobsters because it sees a high demand for capital in the Red Lobster business. Not consistent with the company’s investment allocation plan and it was agreed that the investment should be withdrawn During this period, the company is studying possible channels for withdrawing investment. The company will record a one-time non-cash impairment charge of USD 530 million, or approximately 18,500 million baht, in the 4th quarter of 2023.
The Board of Directors are of the opinion that the company has a strong financial position and recorded this one-time non-financial impairment. There will be no material negative impact on the Company’s business operations, assets or financial condition.
However, the transaction affected the interest coverage ratio and dividend payment limits required under certain bonds previously issued by the company. The company will take steps to relax such conditions for bondholders before announcing operating results in February.
As for Red Lobster, TU has bought such shares since 2016 worth about 575 million US dollars or about 19,000 million baht, holding a 49% stake and it has become an issue that has always put pressure on TU share price due to continued losses. Until recently, TU has decided to withdraw its investment.
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