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, valued at nearly VND 900 billion, with a three-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 “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% per annum. For subsequent interest periods, the rate is determined by taking the average of 12-month individual 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 Foreign Trade of Vietnam (Vietcombank Hanoi Branch), and Vietnam Bank for Agriculture and Rural Development (Agribank), plus a margin of 3.5% per annum. Investors are guaranteed to receive an interest rate of no less than 10% per annum for the subsequent 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 this year, compared to a post-tax loss of VND 458 billion in the same period last year.
Previously, for the fiscal year 2022, the company reported a post-tax loss of VND 528 billion. However, surprisingly, in the fiscal year 2023, it reported a post-tax profit of VND 122 billion.
As of June 30, 2024, the company’s equity stood at VND 3,981 billion. Its debt-to-equity ratio was 2.46 times, corresponding to 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 bond batches in circulation: TLPCH2427001 with a value of VND 899.5 billion and TLPCH2126001 with a value of VND 1,125 billion.
The TLPCH2126001 batch was issued on December 30, 2021, with a five-year maturity, and will mature on December 30, 2026. After twelve partial repurchases, the outstanding value of this 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 its legal representative is General Director Nguyen Van Anh.
