Gulf Closes $600M Offshore Loan Facility

Gulf Development Public Company Limited has successfully closed its US$600 million offshore syndicated term loan facility, a significant milestone in the company's funding strategy. The facility was initially launched in May 2026 at US$400 million with 3-year and 5-year tranches, and received substantial backing from GULF's relationship banks. Strong demand from lenders enabled the company to exercise its greenshoe option and increase the facility by US$200 million to reach the final amount of US$600 million.

The facility drew participation from 33 banks across Japan, Taiwan, Singapore, China, Hong Kong, the Philippines, India, Macau, and France, with peak demand reaching approximately 4 times the initial facility size. The diverse group of international financial institutions reflects GULF's longstanding relationships with partners and suppliers across its projects.

The strong market response demonstrates lenders' confidence in GULF's robust financial position, disciplined capital management, stable cash flow generation, and proven track record in developing and operating large-scale energy and infrastructure projects. It also recognizes GULF's position as a leading infrastructure and investment group capable of capturing future growth opportunities.

Ms. Yupapin Wangviwat, Chief Financial Officer of GULF Group, stated that the successful completion represents an important milestone in GULF's funding strategy, expanding access to international markets and diversifying financing sources. The strong banking community response reflects confidence in GULF's financial strength and operational track record. GULF's achievement of an 'A' credit rating with a Stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand's sovereign rating, further reinforces this confidence. The transaction strengthens existing banking relationships, establishes new partnerships with international lenders, and enhances financial flexibility.

DBS Bank Ltd., Mizuho Bank, Ltd., MUFG Bank, Ltd., Natixis Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch, and United Overseas Bank Limited served as Mandated Lead Arrangers, Underwriters, and Bookrunners, with Mizuho Bank also acting as Facility Agent.