GULF Secures $600 Million International Loan Deal
Gulf Development secured a $600 million offshore loan from international banks across Asia and Europe, with lenders offering four times the initially requested amount, signaling strong confidence in the company's infrastructure and growth p
Gulf Development Public Company Limited has successfully arranged a $600 million offshore syndicated term loan facility from international banking groups, a major step in the company's capital management strategy to expand relationships with new foreign financial institutions. The company initially launched a $400 million foreign loan facility split between 3-year and 5-year tranches, attracting interest from 33 financial institutions that offered credit commitments approximately four times the initial amount. GULF exercised its greenshoe option to allocate an additional $200 million, bringing the total facility to $600 million. The strong response from major international lenders across Japan, Taiwan, Singapore, China, Hong Kong, the Philippines, India, Macau, and France reflects their confidence in GULF's financial position, disciplined capital management, consistent cash generation, and experience with large-scale infrastructure development. This underscores GULF's role as a trusted international infrastructure company with significant potential for growth in digital infrastructure and renewable energy sectors.
Yuphapin Wangwiwat, Chief Financial Officer of the GULF Group, stated that the successful overseas loan arrangement represents a crucial step in GULF's financial strategy, allowing the company to expand its banking relationships beyond the Thai baht bond market and increase operational flexibility for business growth. The overwhelming response from foreign financial institutions, offering credit four times higher than initially sought, demonstrates their confidence in the company's financial strength, operational performance, and long-term growth vision. This confidence is further supported by GULF's 'A' credit rating with a stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand's sovereign credit rating.
The transaction is managed by leading banks including DBS Bank, Mizuho Bank, MUFG Bank, Natixis (Singapore branch), Sumitomo Mitsui Banking Corporation (Singapore branch), and United Overseas Bank, serving as Mandated Lead Arrangers, Underwriters, and Bookrunners. Mizuho Bank also serves as the Facility Agent overseeing the syndicate.
