Thăng Long Thermal Power Issues Unsecured Bonds Amidst Financial Losses
According to the Hanoi Stock Exchange (HNX), Thang Long Thermal Power JSC has recently issued a batch of unsecured bonds, TLPCH2427001, raising nearly VND 900 billion with a 3-year maturity.
Specifically, the company offered 8,995 bonds in the domestic market, each with a face value of VND 100 million, resulting in a total issuance value of VND 899.5 billion. The issuance date was August 22, 2024, setting the maturity date as August 22, 2027.
Notably, these bonds are categorized as “triple-no” bonds, meaning they are non-convertible, non-warrant-attached, and unsecured.
In terms of interest rates, the TLPCH2427001 bonds feature a combined interest rate structure. For the first interest period, the applicable interest rate is set at 10%/year. For subsequent periods, the interest rate will be determined by taking the average of 12-month personal savings deposit interest rates from four major joint-stock commercial banks, including Vietnam Foreign Trade Joint-Stock Commercial Bank (Vietcombank), Vietnam Joint-Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Joint-Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Joint-Stock Commercial Bank (Indovina Bank), and the Vietnam Bank for Agriculture and Rural Development (Agribank), plus a margin of 3.5%/year. Investors are guaranteed to receive an interest rate of at least 10%/year for the remaining interest periods.
An Binh Securities JSC (ABS) serves as the bond registrar, and ASC Securities JSC is a related organization.
Thang Long Thermal Power JSC reported a post-tax loss of VND 528 billion in the first half of this year.
Regarding its business performance, Thang Long Thermal Power JSC recorded a post-tax loss of VND 528 billion in the first six months of 2024, compared to a loss of VND 458 billion in the same period last year.
In the previous financial year (2022), the company reported a post-tax loss of VND 528 billion. However, surprisingly, in the 2023 financial year, they reported a post-tax profit of VND 122 billion.
As of June 30, 2024, the company’s equity stood at VND 3,981 billion. Their debt-to-equity ratio was 2.46, indicating total liabilities of VND 9,794 billion. Out of this, the bond debt amounted to VND 677 billion.
According to HNX data, Thang Long Thermal Power JSC currently has two batches of bonds in circulation: TLPCH2427001 with a value of VND 899.5 billion and TLPCH2126001 with a value of VND 1,125 billion.
The TLPCH2126001 bonds were issued on December 30, 2021, with a 5-year maturity, and will mature on December 30, 2026. After twelve partial repurchases, the outstanding value of this bond batch currently stands at VND 522 billion.
Established in August 2007, Thang Long Thermal Power JSC specializes in electricity production, transmission, and distribution. The company is headquartered in Le Loi ward, Ha Long city, Quang Ninh province. Its chartered capital is VND 3,800 billion, and the legal representative is General Director Nguyen Van Anh.
