Delta Electronics (Thailand) PCL announced that its Singapore-based parent company plans to issue 1,500,000,000 U.S. dollars in dual-tranche zero-coupon exchangeable bonds, backed by existing shares, to fund working capital and business expansion.
Delta Electronics (Thailand) Public Company Limited, trading as DELTA, has informed the Stock Exchange of Thailand regarding a major financial move by its primary shareholder. Ltd.—a subsidiary of Delta Electronics Inc.—is preparing to issue and offer dual-tranche zero-coupon overseas exchangeable bonds valued at a combined 1,500,000,000 U.S. dollars.
Bond Structure and Tranche Details Set for September 2026
The international offering is scheduled for on or around September 21, 2026. Corporate filings show that the capital raised will be deployed to increase working capital and support future business growth.
The offering divides cleanly into two distinct tranches carrying different maturities, conversion prices, and investor options. Tranche A consists of 500,000,000 U.S. dollars in zero-coupon bonds maturing on September 21, 2027. Tranche B comprises 1,000,000,000 U.S. dollars in zero-coupon bonds maturing on September 21, 2034.
Conversion Prices and Share Impact for Delta Investors
Both sets of bonds are exchangeable into existing shares of the Thai company currently held by the Singapore-based parent entity. Initial exchange pricing has been set at a premium over reference market values.
For Tranche A, the initial exchange price is established at 266.80 Thai baht per share, representing a 15% premium over the reference price. Under this initial formula, holders exercising conversion rights will receive 24,856.8966 shares per 200,000 U.S. dollars of principal amount.
Tranche B carries an initial exchange price of 301.60 Thai baht per share, reflecting a 30% premium above reference levels. Holders in this second series will receive 21,988.7931 shares per 200,000 U.S. dollars of principal.
| Bond Series | Principal Amount | Maturity Date | Initial Exchange Price | Exchange Ratio per $200k Principal |
|---|---|---|---|---|
| Tranche A Bonds | $500,000,000 | September 21, 2027 | 266.80 THB | 24,856.8966 shares |
| Tranche B Bonds | $1,000,000,000 | September 21, 2034 | 301.60 THB | 21,988.7931 shares |
Put Options and Total Share Dilution Analysis
Additional terms apply specifically to the longer-dated notes. Tranche B bondholders retain the right to require the issuer to redeem all or part of their bonds at 99.25% and 98.51% of the principal amount when reaching 1.5 years and 3 years from the issue date, respectively.
Ещё по этой теме
