Thai digest: PTTEP’s $500m bond offer; Indorama buys plant in Brazil

Image from Indorama Ventures website.

Thailand’s PTT Exploration and Production has issued bonds worth $500 million to foreign investors while and Indorama Ventures has acquired a PET recycling plant based in Brazil.

PTTEP issues $500m bonds

PTT Exploration and Production (PTTEP), a subsidiary of Thai state-owned energy major PTT Plc, has issued $500 million US dollar-denominated bonds to offshore investors.

The bonds, which have a tenor of seven years and a fixed interest rate of nearly 2.6 per cent per annum, will be listed on the Singapore Exchange Securities Trading Limited, according to an announcement.

Earlier this year, PTTEP sold $350 million worth of 10-year senior notes, with a fixed interest rate of nearly 3 per cent per annum.

These new notes are part of the company’s $3-billion global medium-term bond programme. PTTEP will use the proceeds for general corporate purposes.

Indorama Ventures acquires Brazilian PET recycling asset

Thai chemicals manufacturer Indorama Ventures (IVL) has, through its indirect subsidiary Indorama Ventures Polimeros, acquired Brazil-based PET recycling facility AG Resinas.

Financial terms of the acquisition were not disclosed.

AG Resinas processes post-consumer PET into recycled polyethylene terephthalate (rPET) flakes and pellets with a combined capacity of approximately 9,000 tonnes per annum, according to the Thai firm.

“The facility is in close proximity to a large supply of recovered  PET  bottles, bringing benefits through logistics advantage,” it said in a statement.

“This acquisition is strategically in-line with the IVL’s long-term sustainability objectives and will complement IVL’s PET business in Brazil and provide a unique opportunity to create an immediate recycling presence with further expansion opportunity,” it added.

Since late last year, IVL has made a spate of acquisitions and investments, including a 70:30 joint venture with Coca-Cola Beverages Philippines; purchases of Huntsman Corporation’s integrated oxides and derivatives assets located in the US, Australia and India; and an agreed acquisition of LQ Inc’s 100 per cent interest in  Green Fiber International Inc.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.