true-move-succeeds-where-its-parent-failed

True Move succeeds where its parent failed

The Thai telecom operator issues an upsized seven-year debut dollar deal inside of initial guidance.

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December 08, 2006

Citibank and Deutsche teamed up to bring a debut dollar bond deal for ThailandÆs third largest telecom operator True Move on Thursday December 7. The leads took the borrower into the market with a possible $400 million to $450 million dual tranche deal that could include a seven-year bullet and five-year non-call two FRN, with the size of the tranche splits undetermined.

The roadshow kicked off in Singapore on November 22 and wrapped up last week following stops in London on Monday and Tuesday and the US on Thursday and Friday.

Initially, guidance was released at around 11% for the seven-year and 500bp over Libor for the FRN. However, as the deal...

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