True Corp to Launch New Debentures Following “Positive” Credit Outlook Upgrade

Brickinfo News Agency – True Corporation PCL, Thailand’s leading telecom-tech provider, has announced a new offering of unsubordinated and unsecured debentures following a credit profile upgrade. TRIS Rating recently revised the company’s outlook from “Stable” to “Positive” while maintaining an “A+” rating, signaling improved financial stability. The upcoming bond issuance features four tranches with tenors ranging from 4 to 10 years and expected coupon rates between 2.45% and 3.35% per annum.

The move follows a strong financial recovery in 2025, where the company reported a net profit of 9.2 billion baht. This marked the first full year of profitability since the amalgamation of True and DTAC. According to the company, the improved performance was driven by cost management, high-quality subscriber growth, and the successful integration of ASEAN’s largest cellular tower network.

Mr. Nakul Sehgal, Chief Financial Officer of True Corporation PCL, stated: “2025 marked another milestone year for the company as we delivered in line with guidance despite macro-economic headwinds. The company successfully returned to profitability and recorded its fourth consecutive quarter of profit since the amalgamation. These achievements reflect strong cash flow generation and significantly improved operational stability.”

The company’s strategic roadmap includes increasing the EBITDA-to-service revenue ratio to 69% by 2028. True also plans to gradually reduce capital expenditure (Capex) starting in 2026, aiming for a Capex-to-sales ratio of 13–14% within the next two years. The integration of AI-driven automated network management has been cited as a key factor in enhancing operational efficiency and customer experience.

The four tranches of debentures are structured as follows: a 4-year term (2.45–2.60%), a 5-year term (2.60–2.80%), a 7-year term (3.00–3.20%), and a 10-year term (3.20–3.35%). The 10-year tranche includes a provision allowing the issuer to redeem the debentures prior to maturity starting from the 5th year. Interest payments will be distributed to investors every six months throughout the term.

The subscription period for the general public is scheduled for April 30th and May 5th–6th, 2026. Investors can participate through seven major financial institutions, including Bangkok Bank, KASIKORNBANK, Siam Commercial Bank, CIMB Thai, UOB, Kiatnakin Phatra Securities, and Asia Plus Securities, as well as via the TrueMoney Wallet application. The minimum subscription is set at 100,000 baht.

• Investment Risk Warning: Investing involves risks. Investors should carefully study and understand the product features, return conditions, and associated risks before making any investment decisions.The offering documents are available at www.sec.or.th