Thăng Long Thermal Power Issues Unsecured Bonds Amidst Financial Losses
Thăng Long Thermal Power reported a post-tax loss of VND 528 billion in the first half of this year.
According to the Hanoi Stock Exchange (HNX), Thang Long Thermal Power JSC has recently completed the issuance of the TLPCH2427001 bond series, raising nearly VND 900 billion with a 3-year term.
Specifically, the company issued 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 took place on August 22, 2024, setting the maturity date as August 22, 2027.
Notably, these bonds are categorized as “triple-non”: non-convertible, non-warrant-attached, and unsecured.
In terms of interest rates, the TLPCH2427001 bond series offers a combined interest rate. For the first interest period, the applicable interest rate is set at 10% per annum. For subsequent interest periods, the rate is determined by taking the average of 12-month personal savings deposit interest rates in Vietnamese Dong offered by 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), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), and Vietnam Bank for Agriculture and Rural Development (Agribank), plus a margin of 3.5% per annum. The actual interest rate received by investors in subsequent interest periods will not be lower than 10% per annum.
An Binh Securities JSC (ABS) serves as the bond registrar, and ASC Securities JSC is a related organization.
Regarding the company’s financial performance, Thang Long Thermal Power reported a post-tax loss of VND 528 billion in the first half of 2024, compared to a loss of VND 458 billion in the same period last year.
In the 2022 financial year, the company incurred 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, Thang Long Thermal Power’s equity stood at VND 3,981 billion. Their debt-to-equity ratio was 2.46, with total liabilities amounting to VND 9,794 billion. Out of this, the bond debt amounted to VND 677 billion.
Currently, the company has two bond series in circulation: TLPCH2427001 with a value of VND 899.5 billion and TLPCH2126001 with a value of VND 1,125 billion. The TLPCH2126001 series was issued on December 30, 2021, with a 5-year term, maturing on December 30, 2026.
After 12 partial repurchases prior to the maturity date of the TLPCH2126001 bond series, the current outstanding value of this bond series is VND 522 billion.
Thang Long Thermal Power JSC was established in August 2007 and specializes in electricity production, transmission, and distribution. The company is headquartered in Le Loi, Ha Long City, Quang Ninh Province. Their chartered capital currently stands at VND 3,800 billion, and the legal representative is General Director Nguyen Van Anh.
