22 October 2026

GULF Successfully Completes THB 20 Billion Debentures Offering of Conventional and Digital Debentures Across Six Tranches, with 2.1x Subscription Demand, Reflecting Strong Investor Confidence

Gulf Development Public Company Limited (“GULF” or the “Company”) successfully completed the offering of six debenture tranches, comprising five conventional debentures and one digital debenture, with an aggregate issue size of THB 20 billion during 19 - 21 October 2026. The offering received overwhelming investor interest, with a total subscription demand of approximately THB 42 billion, or 2.1 times the offering size, reflecting confidence in GULF’s business potential and strength. Proceeds from the offering will be used to repay maturing debt and support the Company’s investments for long-term growth.

Ms. Yupapin Wangviwat, Chief Financial Officer of GULF, said, “GULF successfully completed the offering of all six debenture tranches with an aggregate issue size of THB 20 billion, receiving strong responses from retail, institutional and high-net-worth investors. Total subscription demand exceeded THB 42 billion, representing 2.1 times the offering size. The digital debenture offered via the ‘Paotang’ application was also very successful, with the entire THB 1.5 billion issuance fully subscribed within a remarkably short period. The strong response reflects investors’ confidence in GULF’s business potential and strength. We sincerely thank all investors for their strong confidence and overwhelming interest in GULF’s debentures. Proceeds from this offering will be used to repay maturing debt and support the Company’s investments in the expansion of its renewable energy and digital infrastructure businesses, including data centers, cloud services and artificial intelligence (AI), supporting GULF’s long-term growth.”

The offering comprised six debenture tranches as follows:

  1. 3-year zero-coupon debenture with a discount rate of 1.83% per annum and an issue size of THB 3 billion;
  2. 4-year debenture at coupon rate of 2.10% per annum with an issue size of THB 3 billion;
  3. 5-year debenture at coupon rate of 2.33% per annum with an issue size of THB 6 billion;
  4. 7-year digital debenture at coupon rate of 2.80% per annum with an issue size of THB 1.5 billion;
  5. 7-year debenture at coupon rate of 2.80% per annum with an issue size of THB 2 billion; and
  6. 10-year debenture at coupon rate of 3.00% per annum with an issue size of THB 4.5 billion.

The six debenture tranches carry an average rate of 2.45% and an average tenor of 6.03 years.

The successful offering was supported by eight leading financial institutions as Joint Lead Arrangers, including:

(1) Bangkok Bank Public Company Limited; (2) Krungthai Bank Public Company Limited; (3) KASIKORNBANK Public Company Limited; (4) The Siam Commercial Bank Public Company Limited; (5) United Overseas Bank (Thai) Public Company Limited; (6) Bank of Ayudhya Public Company Limited; (7) CIMB Thai Bank Public Company Limited; and (8) Asia Plus Securities Company Limited.

View All