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 Joint Stock Company has recently issued TLPCH2427001 bonds worth 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, totaling VND 899.5 billion.
The issuance date of the TLPCH2427001 bonds was August 22, 2024, and the maturity date will be August 22, 2027.
Notably, these bonds are “triple-non”: non-convertible, non-warrant-attached, and unsecured.
In terms of interest rates, the TLPCH2427001 bonds offer a combined interest rate, with the first interest period set at 10%/year.
For subsequent interest periods, the applicable interest rate will be determined by taking the average of 12-month personal savings deposit interest rates in Vietnamese Dong offered by four 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), and the Bank for Agriculture and Rural Development of Vietnam (Agribank), plus a margin of 3.5%/year. The actual interest rate received by investors in subsequent interest periods will not be lower than 10%/year.
An Binh Securities Company (ABS) serves as the bond registrar, and ASC Securities Company (ASC) is a related organization.
In terms of business performance, Thang Long Thermal Power reported a post-tax loss of VND 528 billion in the first half of this year, compared to a loss of VND 458 billion in the same period last year.
Previously, in the 2022 financial year, the company reported a post-tax loss of VND 528 billion. However, in the 2023 financial year, it surprisingly 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. The debt-to-equity ratio was 2.46 times, corresponding to total liabilities of VND 9,794 billion. Of this, bond debt amounted to VND 677 billion.
According to HNX data, the company currently has two bond issues 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 term and a maturity date of December 30, 2026.
After 12 partial repurchases prior to the maturity date, the current outstanding value of the TLPCH2126001 bonds is VND 522 billion.
Thang Long Thermal Power Joint Stock Company was established in August 2007 and specializes in electricity production, transmission, and distribution. Its headquarter is located in Le Loi ward, Ha Long city, Quang Ninh province.
The company’s charter capital is VND 3,800 billion, and its legal representative is General Director Nguyen Van Anh.
