Seven Utilities and Power Public Company Limited announced that it expects to receive THB 650 million in funding from Advance Capital Partners Asset Management Private Limited
Seven Utilities and Power Public Company Limited (SET:7UP) announced that it has entered into convertible debentures agreement for a private placement of senior unsecured convertible debentures for a gross proceeds of not more than THB 650,000,000 on April 9, 2020. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited. The debentures are senior, unsecured, redeemable, will be issued at par, will bear a fixed interest rate of 2% per annum, payable quarterly, and will have a maturity period of 3 years from the date of issuance. The debentures are fully convertible into maximum 650,000,000 common shares, representing 17.66% stake, until the date falling 7 days prior to the maturity date. The conversion price will not be lower than 90% of the market price, which shall be calculated based on the weighted average price of the company’s shares trading on the Stock Exchange of Thailand for the past 7 -15 consecutive business days. The company will raise the funding in three tranches. The first tranche and second tranches will be of THB 200,000,000 each, divided into 20 sub-tranches of THB 10,000,000, and the third tranche will be of THB 250,000,000, divided into 10 sub-tranches of THB 25,000,000. The debentures are subject to transfer restrictions. The transaction has been approved in the meeting no. 6/2020 of the board of directors, and is subject to the approval in the annual general meeting of the shareholders of the company to be held on May 26, 2020.