Chandler Mori Hamada recently advised Muangthai Capital Public Company Limited (MTC) on its establishment of a USD 3 billion Global Medium Term Note Programme (GMTN Programme) and the inaugural drawdown of USD 350 million senior unsecured social notes under the GMTN Programme. The notes, with a coupon rate of 7.55%, followed MTC's earlier issuance of USD 335 million Reg S social notes in 2024, which marked a milestone for the company in diversifying its foreign funding sources. MTC was the first ASEAN non-bank financial institution to tap the U.S. dollar market. Given the strong investor demand for the 2024 issuance, the establishment of the GMTN Programme has been a success, enhancing MTC’s liquidity and widening its offshore investor base, particularly among U.S.-based institutional investors. This new issuance also demonstrates MTC’s commitment to sustainable development, in line with the company’s Social Bond Framework. The proceeds from the notes will be used to finance or refinance eligible social projects, such as supporting smallholder farmers, individual female entrepreneurs, individual female business owners, and/or self-employed women. The funds raised will support projects aimed at increasing agricultural productivity and income.
MTC is one of the largest non-bank financial institutions in Thailand, holding a significant market share in vehicle title loans.
The Chandler Mori Hamada team was led by Partner Doungporn Prasertsomsuk, supported by associates Pradchayada Maneeratanapron and Praewa Silapunt.
Doungporn Prasertsomsuk, Partner, remarked, "We are delighted to have once again supported MTC in establishing its notable GMTN Programme and the recent drawdown of USD senior social notes, which follows the successful issuance of its USD 335 million social notes last year. These issuances allow MTC to access international capital markets and reinforce its commitment to sustainable development. I would like to express my gratitude to the teams for their hard work and dedication in ensuring the success of this transaction."
Recognized as an innovative leader in Thailand’s debt capital markets, Doungporn Prasertsomsuk has consistently ranked top-tier by independent global legal publications, solidifying her reputation as a leader in the field.
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