CP Group acquires $1.47B expansion loans from 8 Thai banks

The Charoen Pokphand Group will acquire financing totaling 1.47 billion from eight local banks to support its business expansion plans.

Siam Commercial Bank and Krung Thai Bank have received the Group's mandate to act as Joint Lead Arrangers for the syndicated loan together with six other banks, namely the Export-Import Bank of Thailand, the Bank of Ayudhaya, Thanachart Bank, the Government Savings Bank, UOB Thai, and ICBC Thai. The funding will be divided into tranches worth 30 billion Thai baht and 500 million US dollars, respectively.

Mr. Dhanin Chearavanont, Chairman and CEO of the Charoen Pokphand Group, stated that there are international investment opportunities for the Charoen Pokphand Group’s core businesses in the next 5-7 years, particularly in the People’s Republic of China where economic growth will transform the country into the world’s leading economic nation in the future. China’s growth will be beneficial towards Charoen Pokphand Group’s continued investment in agribusiness and food as well as retail business including modern shopping centers which represent the Group’s successful venture into the Chinese retail business. Support provided by Siam Commercial Bank Pcl., Krung Thai Bank Pcl., and the other six alliances will strengthen and enable Charoen Pokphand Group to successfully represent Thailand’s business investments in emerging economy such as China.

Speaking about this major financial deal, Siam Commercial Bank Chairman of the Executive Committee Dr. Vichit Suraphongchai said that the Charoen Pokphand Group's entrusting the Bank to study details of its future large investment projects, both inside and outside Thailand, allowed SCB to structure a financing package totaling 45 billion baht to back the Group's future business growth. The financing, specially designed to suit the Group's business model, will be used for the Group's future investment in large projects in Thailand and abroad. This accomplishment demonstrates 8 banks’ capability to structure financing that provides a perfect fit for client.

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