TIDMSIHL
RNS Number : 7904Q
Symphony International Holdings Ltd
23 June 2020
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
Symphony International Holdings Limited ("Symphony")
23 June 2020
Update on Minor International PCL
Symphony International Holdings Limited (LSE: SIHL) is pleased
to announce that Minor International Pcl ("MINT"), Symphony's
largest portfolio investment, successfully raised US$300 million
from the issuance of US dollar perpetual bonds. The issue was
oversubscribed and predominately allocated to fund managers and
insurers. The demand for the issue is indicative of the market's
confidence in MINT. This capital raise will be used to refinance
existing debts and for working capital purposes.
MINT's announcement is reproduced below.
MINOR INTERNATIONAL PCL
PRESS RELEASE - 23 June 2020 FOR IMMEDIATE RELEASE
MINT SUCCESSFULLY ISSUED USD PERPETUAL BONDS
Minor International Public Company Limited ("MINT") is pleased
to announce its success in offering USD perpetual bonds in the
international bond markets, raising USD 300 million in Perpetual
Non-Call 3-Year Senior Ranking Guaranteed Securities ("the
Securities"). The Securities with ratings of Baa2 by Moody's and
BBB by Fitch Ratings, have an unconditional and irrevocable
guarantee from Bangkok Bank Pcl. acting through its Hong Kong
branch. The transaction priced at a yield of 3.10%, some 70bps
inside initial price guidance supported by an outstanding 11x
over-subscribed book at the peak of bookbuilding with strong
support from international investors, reflecting the market's
confidence in MINT. 88% of the bonds were allocated to Asian
accounts with the remaining 12% to European accounts. Approximately
87% of the bonds were allocated to fund managers and insurers. The
proceeds of the Securities will be utilized to refinance the
existing debts and for working capital purposes. The Securities
will be treated as equity on MINT's balance sheet under the
accounting standard - TAS 32. HSBC acted as Sole Global Coordinator
and together with ANZ, BofA Securities and Standard Chartered Bank,
as Joint Bookrunners on this transaction.
The perpetual bonds issuance is part of MINT's comprehensive
capital structure plan announced earlier. In addition to the
successful issuance of the perpetual bonds in the equivalent amount
of approximately Baht 9.5 billion, on Friday, June 19, the annual
general meeting of shareholders has approved the capital increase
plan, which includes a rights offering of Baht 10 billion and
warrants with a maturity of 3 years in the amount of Baht 5
billion. The rights offering will be completed and warrants with
maturity of three years will be issued, both in the third quarter
of 2020. The combined Baht 25 billion capital plan of the three
instruments will provide MINT with liquidity during the uncertain
times of COVID-19 pandemic, as well as improve its balance sheet
with the increased equity base. With such prudent capital
management, MINT's balance sheet will be strengthened as
interest-bearing debt to equity ratio is expected to be managed
down to its internal policy of 1.3x by the end of 2020. This will
further help MINT to be well-positioned to capitalize on growth
opportunities in its key markets globally after the COVID-19
pandemic has subsided. Furthermore, as another layer of buffer to
manage its capital structure, MINT has successfully obtained
approval from all of its creditors, both bondholders and bank
creditors, for waiver consent on its debt covenant testing for its
interest-bearing-debt-to-equity ratio of not more than 1.75x for
the next three quarters, throughout 2020.
"We are delighted with the success of this perpetual bond
offering transaction which is a testimony of market's support of
MINT and our balance sheet strengthening strategy. Next step for us
is to complete the capital raising exercise as planned," commented
Brian Delaney, Group CFO of Minor International. "We have already
passed the worst point of this pandemic in April. It is time for us
to march forward and upward. We are in the process of putting in
place "Business Beyond COVID" plans for all three businesses to
adapt and rebuild, in order to reflect the change of consumers'
behavior. Most importantly, we maintain our commitment to stay
agile in order to maximize shareholders' return."
"We are delighted with the success of this perpetual bond
offering transaction which is a testimony of market's support of
MINT and our balance sheet strengthening strategy. Next step for us
is to complete the capital raising exercise as planned," commented
Brian Delaney, Group CFO of Minor International. "We have already
passed the worst point of this pandemic in April. It is time for us
to march forward and upward. We are in the process of putting in
place "Business Beyond COVID" plans for all three businesses to
adapt and rebuild, in order to reflect the change of consumers'
behavior. Most importantly, we maintain our commitment to stay
agile in order to maximize shareholders' return."
About Minor International : Minor International (MINT) is a
global company focused on three core businesses: hospitality,
restaurants and lifestyle brands distribution. MINT is a hotel
owner, operator and investor with a portfolio of 530 hotels under
the Anantara, Avani, Oaks, Tivoli, NH Collection, NH Hotels, nhow,
Elewana, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor
International brands in 55 countries across Asia Pacific, the
Middle East, Africa, the Indian Ocean, Europe, South and North
America. MINT is also one of Asia's largest restaurant companies
with over 2,300 outlets system-wide in 26 countries under The Pizza
Company, The Coffee Club, Riverside, Benihana, Thai Express,
Bonchon, Swensen's, Sizzler, Dairy Queen and Burger King. MINT is
one of Thailand's largest distributors of lifestyle brands and
contract manufacturers. Its brands include Anello, Bodum, Bossini,
Brooks Brothers, Charles & Keith, Esprit, Etam, Joseph Joseph,
OVS, Radley, Scomadi, Zwilling J.A. Henckels and Minor Smart Kids.
For more information, please visit www.minor.com.
For further information:
Chaiyapat Paitoon / Jutatip Adulbhan +662 365 7500
Minor International Pcl
Symphony Asia Holdings Pte. Ltd. +65 6536 6177
Anil Thadani
Rajgopal Rajkumar
Dealing codes
The ISIN number of the Ordinary Shares is VGG548121059, the
SEDOL code is B231M63 and the TIDM is SIHL.
The LEI number of the Company is 254900MQE84GV5DS6F03.
About Symphony
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in consumer
related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics
and education sectors predominantly in Asia. It offers a way for
investors to gain exposure to rising disposable incomes and wealth
in fast growing economies. Symphony's objective is to provide
superior capital growth by investing in high quality companies and
form long-term business partnerships with talented entrepreneurs
and management teams. Symphony's investment team has a broad range
of expertise - many of its professionals have been working in Asia
for more than 30 years. For more information please visit our
website at www.symphonyasia.com.
No representation or warranty is made by the Company as to the
accuracy or completeness of the information contained in this
announcement and no liability will be accepted for any loss arising
from its use.
This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in
any jurisdiction. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This announcement is not an offer of securities for sale into
the United States. The Company's securities have not been, and will
not be, registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an exemption from registration. There will be no
public
offer of securities in the United States.
The Company and the Investment Manager are not associated or
affiliated with any other fund managers whose names include
"Symphony", including, without limitation, Symphony Financial
Partners Co., Ltd.
End of Announcement
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END
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