Bangkok owner Thoresen Thai Agencies (TTA) plans to sell debentures worth up to THB 2bn ($60m) as it clears away other maturing debt. The bulker and offshore support vessel owner said it will look to place the unsecured securities in two tranches.

The first will mature over three years and three months with a fixed coupon rate of 4.75%, and the second covers a 4.5-year period at interest of 5.1%. The issues are worth up to THB 1.5bn combined, with an additional greenshoe option of up to THB 500m.

The debentures have been assigned a credit rating of BBB with a stable outlook by the TRIS Rating agency. They will be offered to general investors and institutional investors between 8 and 10 November.

Investment banks Asia Plus Securities, Globlex Securities, KGI Securities, Krungthai Zmico Securities, KTBST Securities and Yuanta Securities are running the transactions. TTA chief executive Chalermchai Mahagitsiri said the proceeds of the offering will be used to repay earlier debentures and as working capital to strengthen the company’s businesses and to increase liquidity.

“Currently, shipping segment is projected to grow, while offshore service segment, which recently secured multiple contracts in Thailand, Angola and Saudi Arabia, has prepared to provide a comprehensive range of subsea services,” he added.

TTA said it has a healthy balance sheet, with cash of around THB 7.5bn, giving it a strong capital structure with a low interest-bearing debt-to-equity ratio of 0.06 as of 30 June. The group owns 29 ultramaxes, supramaxes and diving support ships. Its investment portfolio includes agrochemical and food and drink interests.