Prospect Development (PD), part of Munkong Housing Public Company Limited, a developer and manager of warehouses and rental factories, Bangkok Free Trade Zone (BFTZ) is preparing to issue non-subordinated, unsecured bonds with a designated holder and a bondholder representative for the second tranche of 2024, aimed at institutional and/or major investors from October 7-9, 2024. The bonds will mature on June 10, 2026, with a term of 1 year and 8 months and a fixed interest rate of 7.40% per annum, with interest payments every three months throughout the bond's term. The company has received a credit rating of “BB-” with a “stable” outlook from Tris Rating. The purpose of this bond issuance is to prepare funds for the repayment of maturing bonds.

Ms. Rachanee Mahatdechkul, Managing Director of Prospect Development Co., Ltd. stated, “In the first six months of 2024, our performance has shown remarkable growth. The company recorded total revenue of 338.29 million baht, an increase of over 41%, and EBITDA rose by 52% compared to the same period last year. Notably, we exceeded our target for new tenant contracts, achieving 155,000 square meters, and we aim to close additional new tenant deals to reach 200,000 square meters by the end of this year. The positive response from both Thai and foreign investors reflects Thailand's potential as a key manufacturing base, attracting a network of operators across various industries to continuously utilize our warehouses and factories. We are confident that the strengths of our projects, including premium-grade A building quality, benefits from the Free Zone, One Stop Service, and strategic locations such as Bangna-Trad, Wang Noi, and Bang Pakong, will earn the trust of both existing and new tenants, driving sustainable growth for the company in the future.”

To focus on business growth, with an occupancy rate exceeding 90% across all projects and tenants diversified across stable industries, the company plans to launch two new projects: BFTZ 8 Theparak, featuring Ready Built buildings with a rental area of 35,000 square meters, and BFTZ 9 Wang Noi, offering both Ready Built and Built-to-Suit buildings with a rental area of 35,000 square meters. This will pave the way for total rental space to exceed 2,000,000 square meters by 2028, up from the current total of approximately 1,230,000 square meters.

Additionally, there are plans to sell assets into the PROSPECT REIT, including three projects: BFTZ 1 Bangna-Trad Km. 23, BFTZ 2 Theparak, and BFTZ 3 Bangna-Trad Km. 19, during the first quarter of 2025, with a total rental area of approximately 221,678 square meters, valued at over 3.3 billion baht.

Investors interested in the bonds can find more details at www.sec.or.th

or contact the financial institutions managing the bond distribution, including Dao Securities (Thailand) Public Company Limited, Bluebell Securities Co., Ltd., Beyond Securities Public Company Limited, Globlex Securities Co., Ltd., KGI Securities (Thailand) Public Company Limited, Krung Thai Expanding Securities Co., Ltd., UOB Kay Hian (Thailand) Public Company Limited, and Pie Securities Public Company Limited.