PTT plans to arrange US$800-900 mln to refinance debt for TPI

To assist TPI cut its interest expenses and improve its business efficiency in the future, PTT (which holds 31.5% of TPI) plans to arrange a bridge financing loan of $800 to $900 million to refinance debt for Thai Petrochemical Industry. PTT expects to complete negotiations with financial institutions for the loan within two months. A year after the refinancing program, TPI would restructure the debt further through the issue of $600-million debentures, which will be considered after the firm receives a credit rating from rating agencies.