Thailand’s leading convenience store chain CP All has announced plans to raise Bht18bn (US$552m) to refinance its existing debt through a bond offer in March.
The group, controlled by Thai billionaire Dhanin Chareavanont’s CP Group, has said it will raise the funds through a bond offer involving a two-year tranche offering of 3.55 per cent yields, and a five-year tranche offering of 4.2 per cent yields.
CP All’s debt has increased since its US$6.6bn acquisition of cash and carry wholesaler Siam Makro in 2013, financed through a US$5.8bn loan.
CP All’s head of finance and investor relations, Kriengchai Boonpoapichart told Reuters that the retailer was looking to lower its financial costs and boost revenue by 10 per cent through expansions to its domestic store network in 2015.
The expansion plans include a Bht9bn investment in its 7-Eleven convenience stores and its Siam Makro wholesale stores, with plans to open new stores in regional Thailand.
