True Corporation to Issue “A+” Rated Debentures Ranging 1 Year and 3 Months to 10 Years with Fixed Annual Coupon Rates of [2.95 – 4.50]% p.a., Expected to be Offered on May 23-24 and May 27, 2024

03 April 2024

Bangkok, April 3, 2024 – True Corporation Plc, Thailand’s No.1 leading telecom-tech company holding No.1 in the world for DJSI 2023 in telecommunications industry for the 6th consecutive years, is set to issue 5 tranches of debentures to investors offering tenors ranging from 1 year and 3 months to 10 years and with coupon rates of [2.95 – 4.50]% per annum. The debentures boast an “A+” rating with a “stable” outlook from TRIS Rating.  This affirms the strong position of True Corporation showing the competitive edge of its operations in both telecommunications and digital technology businesses. The subscription is expected to be on May 23 – 24 and May 27, 2024. Investors can subscribe through the Joint Lead Arrangers including Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, CIMB Thai Bank, United Overseas Bank (Thai), and Asia Plus Securities when TrueMoney Wallet application is also an alternative channel. For this issuance, Bank of Ayudhya serves as the debenture registrar and debentureholders’ representative.



Ms. Yupa Leewongcharoen, Chief Financial Officer (Co) of True Corporation Plc., said, “True Corporation’s integration as well as business performance in 2023 have been highly successful. We have achieved consistent revenue growth with increasing profitability and surpassed our synergy targets. EBITDA had been consequently rising for the fourth consecutive quarters. Building on this momentum, 2024 is all about driving further growth and profitability.

We are also exceptionally proud to maintain our position as Thailand’s leading telecom-tech company ranking No.1 highest score in the world for the Dow Jones Sustainability Index (DJSI) for the sixth consecutive years. This recognition underscores our commitment to sustainable business practices encompassing environmental, social, and governance (ESG) factors.

This year, we target the service revenue growth of 3 – 4% in similar momentum as Thailand’s projected GDP growth and expected increasing tourist arrival. The growth will be also fueled by positive Average Revenue Per User (ARPU) trend along with an increase in B2B revenue. Additionally, we expect EBITDA to rise by 9 – 11%, driven by the realization of synergies from the amalgamation and the ongoing operational efficiency measures. Upon the strong financial performance and operational success proven by 2023 business performance, the company will ride on this momentum aiming to achieve our goal this year. The achievement incorporates our commitment to fostering a unified company culture and streamlined work processes.”

True Corporation revealed the year end 2023 as the leading mobile operator with subscriber base of 51.9 million, reflecting a 0.5 million subscriber increase or 1.0% growth from previous quarter. As Thailand’s leading 5G provider, True boasts the country’s most extensive network coverage of 90% nationwide. True also leads in 5G users, reaching 10.5 million at year-end, a significant 12% increase from the previous quarter. Notably, True has consistently been recognized as the best mobile internet performance in Thailand for the 8th consecutive years from 2016 to 2023, according to the global quality testing institute nPerf based in France. Looking ahead, True is committed to driving both revenue growth and enhanced 5G services. With ambitious plans to reach 16 million 5G users this year. This expansion is expected to positively uplift ARPU.

True and its debentures have been rated “A+” with a “Stable” outlook by TRIS Rating Company Limited as of March 29, 2024 demonstrating not only True’s leading market presence in the telecommunication and digital service markets in Thailand, but also the strength of its nationwide cellular networks, diverse frequency spectrums, and strong consumer brand recognition. The rating incorporates expected post-merger synergies and potential enhancements in operational efficiencies.

True Corporation is offering new debentures to the public with maturities ranging from 1 year and 3 months to 10 years. This caters to all investors’ preferences. Short-term investors can choose to invest in the 1 year and 3 months, 2 years and 6 months, or 3 years and 3 months debenture. Medium-term investors may opt for the 5 years and 3 months option. Long-term investors who prefer steady income for daily spendings may select the 10-year debenture. These debentures offer higher returns, especially when compared to government bond yields that have adjusted downwards.

The use of proceeds of this debenture issuance is to repay existing debentures and/or use as working capital to support the company’s growth. The debentures are unsubordinated and unsecured with a debentureholders’ representative, and coupons are payable every 3 months. The debenture subscription period is scheduled to be during May 23 – 24 and May 27, 2024, with a minimum subscription amount of 100,000 baht and increments of 100,000 baht. The issuance consists of 5 tranches as follows:

1st Tranche – 1 year & 3 months tenor with a fixed coupon of [2.95 – 3.00]% per annum.

2nd Tranche – 2 years & 6 months tenor with a fixed coupon of [3.45 – 3.55]% per annum.

3rd Tranche – 3 years & 3 months tenor with a fixed coupon of [3.70 – 3.85]% per annum.

4th Tranche – 5 years & 3 months tenor with a fixed coupon of [4.00 – 4.20]% per annum.

5th Tranche – 10-year tenor with a fixed coupon of [4.30 – 4.50]% per annum, with a call option since the 5th year.

The company is currently in the process of filing a registration statement and draft prospectus, which are not yet effective and are pending approval by the Securities and Exchange Commission (SEC). Interested investors can find more details about the debenture offering and draft prospectus at For additional information, please contact the six joint lead arrangers listed below:

  • Any branch of Bangkok Bank, except micro branches. For inquiries, call 1333 or use the online channel via the Bualuang mBanking application.
  • Any branch of KASIKORNBANK, tel. 02 888 8888, ext. 819, or use the online channel at (Note: Non-Thai passport holders and juristic persons may subscribe via KASIKORNBANK’s headquarters and branches). KASIKORN Securities also acts as the sales representative for KASIKORNBANK.
  • Any branch of Siam Commercial Bank. For inquiries, call 02 777 6784, or use the online channel via the SCB EASY application. InnovestX Securities serves as the sales representative for Siam Commercial Bank.
  • Any branch of CIMB Thai Bank. For inquiries, call 02 626 7777, or use the online channel via the CIMB Thai Digital Banking application.
  • Any branch of United Overseas Bank (Thai). For inquiries, call 02 285 1555.
  • Asia Plus Securities. For inquiries, call 02 680 4004.

For those interested in subscribing via the TrueMoney Wallet, more information and instructions on how to apply for the TrueMoney Wallet Application and how to subscribe debentures can be found at For assistance with the application process, contact the staff of True Money Co., Ltd. at Tel. 1240, press 6.


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