October 16, 2025…The debentures are expected to be offered to the general public through a Public Offering (PO) in late 2025 as part of GC’s ongoing Deleveraging Program. The initiative aimed to strengthen the company’s long-term capital structure, enhance financial flexibility, and ensure readiness amid global economic and geopolitical challenges, driving GC toward high-value, low-carbon sustainable growth.
Thitipong Jurapornsiridee, Executive Vice President – Finance and Accounting at GC, said,
“This issuance is part of ongoing deleveraging plan, following the strong investor response to our THB 17 billion hybrid debentures issued in 2024. It reflected the confidence investors place in GC’s and the PTT Group’s solid fundamentals. GC remains committed to financial discipline and a systematic capital management roadmap aligned with our Portfolio Transformation strategy, ensuring readiness for sustainable growth in high-value and low-carbon businesses.”
In 2025, GC has continued executing its deleveraging program, which covers the issuance of USD-subordinated hybrid debentures, asset monetization initiatives to optimize capital efficiency, and Holistic Optimization programs to enhance operational and financial performance. The upcoming Thai Baht subordinated hybrid debentures are another key step under GC’s long-term capital management roadmap to reinforce financial resilience and support its credit rating.
In addition, GC continues to enhance competitiveness through innovation and digital technology, advancing its High Value–Low Carbon growth strategy. This includes expanding its specialty chemical business through allnex, a global leader in industrial coating resins, and its Bio/Green & Circularity business through NatureWorks, which is constructing the world’s second bioplastic plant in Nakhon Sawan, Thailand. These efforts align with GC’s commitment to sustainability and its roadmap toward achieving Net Zero by 2050.
The subordinated hybrid debentures also serve as a key instrument to strengthen the company’s financial position. The debentures are recognized as 100% equity in accounting terms, while credit rating agencies grant 50% equity credit. The public offering is expected in late 2025 with minimum subscription amount is 100,000 Baht and additional multiples of 100,000 Baht, available through 12 financial institutions including Bangkok Bank, CIMB Thai Bank, KASIKORNBANK, Krung Thai Bank, Siam Commercial Bank, Kiatnakin Phatra Securities, Asia Plus Securities, Bank of Ayudhya, Krungthai XSpring Securities, Maybank Securities (Thailand), TMBThanachart and Yuanta Securities (Thailand). The interest rate and subscription period will be announced later.
The lead arrangers stated that GC’s subordinated hybrid debentures represent an appealing investment choice, as on 8 April 2025, Fitch Ratings (Thailand) assigned GC a notional long-term credit rating of AA- (tha) with a “stable” outlook, and on 7 July 2025, rated the subordinated hybrid debentures at A (tha), placing them among the highly-rated instruments in the Thai bond market. The company’s ability to repay principal and interest is reflected in its corporate credit rating of AA-. Subsequently, the credit rating for the subordinated hybrid debentures is two notches lower than the company’s rating, due to the debentures’ debt structure and characteristics that are subordinated to ordinary senior bonds.
