GULF Secures $600 Million International Loan Facility
GULF secured a $600 million international loan facility from 33 financial institutions, exceeding its initial $400 million target by exercising a greenshoe option to demonstrate strong confidence from major global banks.
Gulf Development Public Company Limited (GULF) has successfully secured a $600 million offshore syndicated term loan facility from international banking consortiums—approximately 20 billion baht—marking a crucial step in the company's capital sourcing strategy. The primary objective is to expand relationships with new international financial institutions.
GULF initially sought $400 million in foreign loans, split between 3-year and 5-year tenors. The facility attracted interest from 33 financial institutions, with commitments reaching approximately four times the initial amount. GULF exercised its greenshoe option to allocate an additional $200 million, bringing the total to $600 million. The financing garnered strong interest from major international institutions in Japan, Taiwan, Singapore, China, Hong Kong, the Philippines, India, Macau, and France—demonstrating their confidence in GULF's financial strength, disciplined capital management, stable cash flow generation, and experience in large-scale infrastructure projects. This reinforces GULF's position as a globally trusted infrastructure company with strong potential for growth in digital infrastructure alongside its energy business.
Yupaphin Wangvivat, Chief Financial Officer of GULF Group, stated: "This successful offshore syndicated loan represents a critical step in executing our financial strategy. It allows us to expand our banking relationships with new international financial institutions, strengthening our capacity to secure funding beyond domestic baht-denominated bond markets and enhancing our flexibility to drive business growth. The strong response from international financial institutions—offering commitments nearly four times our initial target—reflects their confidence in our financial strength, operational performance, and long-term growth vision. This confidence is further supported by our 'A' credit rating with a Stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand's own credit rating."
The transaction was managed by leading banks serving as Mandated Lead Arrangers, Underwriters, and Bookrunners: DBS Bank, Mizuho Bank, MUFG Bank, Natixis (Singapore branch), Sumitomo Mitsui Banking Corporation (Singapore branch), and United Overseas Bank, with Mizuho Bank also serving as Facility Agent.
