Precious Shipping plans $366m fundraiser

Precious Shipping plans $366m fundraiser

Thailand’s Precious Shipping is planning a fundraiser through which it hopes to raise up to $366m from the sale of multicurrency medium-term notes.

The company’s Singaporean subsidiary Precious Projects Pte Ltd has established a S$500m ($366m) multicurrency medium-term note programme with its arranger BNP Paribas and “other relevant parties”. The Precious Shipping group is acting as guarantor to the issue.

The type of placement, the pricing, the coupon rate and the notes’ maturity will be announced before the notes are issued, which has not yet been specified.

Proceeds from the issue will go towards refinancing of existing loans, and financing potential acquisitions and other investment opportunities, said Precious, which is led by Khalid Hashim (pictured).

The cash will also be used for capital expenditure, working capital requirements and general corporate purposes of the group.

“The timing of the actual issue of the notes shall depend on company’s need for funds, market conditions, etc., and as and when the notes are actually issued, details thereof shall be disclosed by the company,” Precious said in a filing to the Bangkok stock exchange today.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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