True Move offers to buy back high-yield bonds

True Move's tender offer allows investors to “crystallise gains” amid the high-yield rout.
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True Move executives celebrating a mobile banking tie-up with Kasikorn Bank last year
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<div style="text-align: left;"> True Move executives celebrating a mobile banking tie-up with Kasikorn Bank last year </div>

True Move, Thailand’s third-biggest mobile phone operator, is seeking to buy back $690 million worth of high-yield bonds from investors and, at the same time, loosening covenants to give it greater financial flexibility. Deutsche Bank is the sole dealer manager and solicitation agent.

True Move is the mobile phone subsidiary of True Corp, which is listed on the Stock Exchange of Thailand and also runs cable TV and internet businesses. Charoen Pokphand Group holds a 39.2% stake.

True Move is asking investors to tender $465 million of 10.75% bonds due in 2013 and $225 million of 10.375% bonds due in 2014. Both sets of bonds are rated...

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