Prachai Leophairatana, the founder of Thai Petrochemical Industry (TPI), was ousted from the company's board on Thursday. As the company's legal battles come to an end, TPI's new management has laid plans to restructure the company's remaining debt and boost operating efficiency. TPI is on track to issue US$600 mln up to 10-year bonds to refinance its debt this year and has mandated Standard Chartered Bank and Deutsche Bank as arrangers.
The bonds are part of TPI's plan to raise US$1 billion this year to refinance its US$965 million debt. The remaining $400 million would be loans.
2006 revenues are estimated to rise higher than forecast by at least 22%, as increasingly costly oil pushes up product prices. Revenues are estimated to be 220-240 billion baht (US$5.8 - $6.3 billion), higher than last year.
21-Jul-06 
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