Jasmine International Public
Company Limited (JASMIN) today (14 July 2000) signs debt-rescheduling agreement
totalling US$ 303.58 million with its creditors. The signing ceremony is provided over by
M.R.Chatu Mongol Sonakul, Governor of Bank of Thailand (BOT).
Mr.Songrit Kusomrosananan,
president of Jasmine International Plc reveals that of USD 303.5 million, US$
192 owned by Jasmine International Plc (JI) and its subsidiaries are under the repayment
schedule while the remainings are to be repaid by its subsidiaries and/or self-liquidated
as they are bid bonds. JI’s debt-repayment period is extended to about 6.5 years as of
signing date. According to the debt-rescheduling agreement, the Company will pay US$ 192
million by repaying total 14 instalments with the first payment of US$ 2 million and the
last payment being made in December 2006.
Repayment schedule and interest
rate
| Effective Date |
2.00 |
| 15 December 2000 |
2.00 |
| 15 June 2001 |
4.51 |
| 15 december 2001 |
4.51 |
| 15 June 2002 |
16.61 |
| 15 December 2002 |
16.61 |
| 15 June 2003 |
15.03 |
| 15 December 2003 |
15.03 |
| 15 June 2004 |
15.87 |
| 15 December 2004 |
15.87 |
| 15 June 2005 |
15.20 |
| 15 December 2005 |
15.20 |
| 15 June 2006 |
14.70 |
| 15 December 2006 |
remaining instalments |
| |
Interest
|
Rate |
| |
Until
Dec. 2003 |
Until
2006 |
THB
Tranch |
MLR+0% |
MLR+0.5% |
USD
Tranch |
LIBOR+1% |
LIBOR+1.5% |
JPY
Tranch |
TIBOR+1% |
TIBOR+1.5% |
Mr.Songrit revealed that debt
rescheduling agreement will enable the Company to attain cash flow adequancy and meet debt
service obiligations in the foreseeable future as well as maintaining the Company’s
leader position in telecom industry. The first two years instalment would be set low
enough to ensure no financial problem for the Company while the economy is expected to
improve. Jasmine International Overseas Company Limited (JIOC) in which JASMIN holds 87.32
% shares previously repaid US$ 19.4 million to the banks and it plans to use the US$ 9.37
million proceed from the sales of JT Mobiles which was sold in 1999 to repay for the debt
due in 2000.
Revenues generated from Jasmine
International’s Group derives from its subsidiaries including Acumen – an VSAT
operator, Jasmine Submarine Telecommunications (JSTC) – submarine optical fiber network
operator, Jasmine Telecom Systems (JTS) – turnkey engineering operator. In the future,
the Company will gain increasing incomes from the Internet-related businesses and its
regional mobile satellite service of Asia Cellular Satellite System or ACeS as the sole
national service provider in Thailand. For business direction, Jasmine International will
streamline its business line focusing on telecom expertise which are profitable and low
investment by maximizing efficiency of its nationwide telecom infrastructure network laid
by Jasmine’s Group arraying from VSAT’s network, submarine optical fiber network and
provincial fixed-line telephone network.
