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.
