Bangkok Dusit funds growth with $331m CB

Thailand’s biggest private hospital operator has plans to add 20 hospitals to its network during the next few years.
Bangkok Dusit is Thailand's biggest private hospital operator
Bangkok Dusit is Thailand's biggest private hospital operator

Bangkok Dusit Medical Services, Thailand’s biggest private hospital operator, raised Bt10 billion $331 million through a zero-coupon convertible bond on Wednesday evening.

The deal is denominated in Thai baht but settled in US dollars. It has a five-year maturity with a three-year investor put and an issuer call at two-and-a-half years. It offers a 2% yield and converts at a 15% premium to Wednesday’s closing price of Bt18.3.

The amount Bangkok Dusit is raising through this transaction is roughly equal to the group’s planned yearly capital expenditure for 2014 and 2015, as it continues an aggressive expansion strategy. The group plans to grow its network...

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