BTS Group prepares to offer three tranches of debentures with coupon rates of 3.20% – 3.75% - มิติหุ้น | ชี้ชัดทุกการลงทุน
Mitihoon – BTS Group prepares to offer three tranches of debentures with coupon rates of 3.20% – 3.75% per annum Subscription period expected on 25 and 28 – 29 September 2026 TRIS Rating has assigned both the company and debentures a credit rating of “BBB+”, reflecting stable long-term income generation
BTS Group Holdings Public Company Limited or BTS Group is preparing to offer three tranches of debentures, comprising a 2-year tenor with a fixed coupon rate of 3.20% per annum, a 3-year tenor with a fixed coupon rate of 3.55% per annum, and a 4-year tenor with a fixed coupon rate of 3.75% per annum. The debentures will be offered to the general public, with the subscription period expected to take place on 25 and 28–29 September 2026. TRIS Rating has assigned the company and debentures a credit rating of “BBB+” with a “Negative” Outlook. The offering caters to investors seeking predictable and consistent returns amid economic volatility, through investment in a leading company with a strong credit profile and stable cash flow. BTS Group continues to pursue sustainable growth as a solutions provider through its robust platforms under the MOVE MIX MATCH strategy, while reinforcing its position as the operator of the BTS Skytrain, recognized as the world’s most sustainable rail transportation company.
Ms. Chawadee Rungruang, Chief Financial Officer of BTS Group Holdings Public Company Limited (“BTS Group”), stated that BTS Group remains committed to developing comprehensive infrastructure and diversified platforms, while providing high-quality services for communities in a sustainable manner to enhance people’s quality of life and convenience. Currently, BTS Group is preparing to offer Long-Term Debentures No. 1/2026, consisting of three tranches of Name-Registered, Unsubordinated and Unsecured Debentures with a Debentureholders’ Representative. Tranche 1 has a 2-year tenor with a fixed coupon rate of 3.20% per annum and matures in 2028; Tranche 2 has a 3-year tenor with a fixed coupon rate of 3.55% per annum and matures in 2029; and Tranche 3 has a 4-year tenor with a fixed coupon rate of 3.75% per annum and matures in 2030. The coupon will be paid semi-annually until maturity.
The subscription period for all three tranches is expected to take place on 25 and 28–29 September 2026. The debentures will be offered to the general public through leading financial institutions appointed as Joint Lead Arrangers, namely Bangkok Bank Public Company Limited, Krung Thai Bank Public Company Limited, KASIKORNBANK Public Company Limited, Government Savings Bank, Kiatnakin Phatra Securities Public Company Limited, Krungthai XSpring Securities Company Limited, Maybank Securities (Thailand) Public Company Limited, Yuanta Securities (Thailand) Company Limited, Asia Plus Securities Company Limited, KGI Securities (Thailand) Public Company Limited, Bluebell Securities Company Limited, and DAOL Securities (Thailand) Public Company Limited. The minimum subscription amount is 100,000 baht, with a multiple of 100,000 baht. Both BTS Group and the debentures have received an “Investment Grade” credit rating of “BBB+” with a “Negative” outlook from TRIS Rating, announced on 24 August 2026. The rating reflects BTS Group’s financial robustness, underpinned by stable and predictable cash flows from long-term operation and maintenance (O&M) contracts, which serve as a core revenue base that helps mitigate business volatility and strengthen debt-servicing capacity, as well as the creditworthiness that BTS Group has consistently built over more than 26 years.
In addition, BTS Group has received international recognition for its sustainability performance, ranking in the Top 10% of the S&P Global Sustainability Yearbook 2026 in the Transportation and Transportation Infrastructure sector. The Company has also been selected as a constituent of the FTSE4Good Index Series for the 10th consecutive year, further reflecting its commitment to sustainable business practices.
Ms. Chawadee Rungruang, Chief Financial Officer of BTS Group, further stated that the Company believes this debenture offering should attract strong interest from investors, as it provides an investment alternative for those who are looking for resilient and stable returns through a company and debentures with a strong credit profile, particularly amid current economic volatility and a low deposit interest rate environment.
For the first quarter of FY2026/27 (April–June 2026), BTS Group delivered solid operating performance, with total revenue of 7,492 million baht, an increase of 3.4% year-on-year (YoY), and Recurring EBITDA of 2,822 million baht, up 3.3% YoY, driven by growth across its three core business platforms. MATCH generated the highest revenue of 2,610 million baht, mainly from the European hotel business whose management and operations were transferred back to Rabbit Holdings Public Company Limited (RABBIT). MOVE recorded total revenue of 2,363 million baht, supported by operation and maintenance (O&M) services for the Green Line extensions and the Gold Line, together with continued ridership growth on the Yellow and Pink Lines. Meanwhile, MIX generated revenue of 1,149 million baht while maintaining a high gross profit margin of 39.3%. In addition, the Company reported more than 54,500 million baht in Cash & Liquid Investments and net cash flow from operations of 3,387 million baht. The Adjusted Net D/E ratio stood at 1.34 times, reflecting strong liquidity management and financial discipline.
Currently, the Company is in the process of filing the registration statement and the draft prospectus with SEC, which have not yet become effective. For more information, please visit the SEC’s website at www.sec.or.th or contact the following Joint Lead Arrangers:
Joint Lead Arrangers
– Bangkok Bank Public Company Limited (except Micro Branches), Tel. 1333, or subscribe online via the Bangkok Bank Mobile Banking application (for individuals only).
– Krung Thai Bank Public Company Limited, Tel. 02-111-1111, or subscribe online via Krungthai Next application through Money Connect by Krungthai (for individuals only).
– KASIKORNBANK Public Company Limited, Tel. 02-888-8888 press 869, or individual investors can subscribe online via the K PLUS application, including KASIKORN Securities Public Company Limited as a sales unit of KASIKORNBANK Public Company Limited.
– Government Savings Bank, Tel. 02-299-9245-46 or 1143, or subscribe online via the MyMo application (for individuals only).
– Kiatnakin Phatra Securities Public Company Limited, Tel. 02-165-5555, or subscribe online via the Dime! application (for individuals only), including Kiatnakin Phatra Bank Public Company Limited as a sales unit of Kiatnakin Phatra Securities Public Company Limited.
– Krungthai XSpring Securities Company Limited, Tel. 02-695-5555.
– Maybank Securities (Thailand) Public Company Limited, Tel. 02-658-5050.
– Yuanta Securities (Thailand) Company Limited, Tel. 02-009-8351-56.
– Asia Plus Securities Company Limited, Tel. 02-680-4004.
– KGI Securities (Thailand) Public Company Limited, Tel. 02-658-8888.
– Bluebell Securities Company Limited, Tel. 02-249-2999.
– DAOL Securities (Thailand) Public Company Limited, Tel. 1538 press 1.
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