GULF Successfully Closes Oversubscribed US$600 Million Offshore Syndicated Term Loan, Expanding International Funding Access

Gulf Development Public Company Limited (GULF) has closed an oversubscribed offshore syndicated term loan facility totaling US$600 million, marking a major expansion of its international funding access. The Facility, launched in May 2026 at US$400 million and structured in 3‑year and 5‑year tranches, drew commitments from 33 banks and reached peak demand of approximately four times the initial size, enabling GULF to exercise a US$200 million greenshoe and upsize to the final US$600 million.

“The successful completion of this Facility represents an important milestone in GULF’s funding strategy, expanding our access to international markets and further diversifying our sources of financing,” said Ms. Yupapin Wangviwat, Chief Financial Officer of GULF Group. “The strong response from the banking community, with commitments reaching nearly four times the initial facility size at peak demand, reflects lenders’ confidence in GULF’s financial strength, operational track record, and long-term growth strategy. This confidence is further reinforced by GULF’s achievement of an ‘A’ credit rating with a Stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand’s sovereign rating. The transaction strengthens our relationships with existing banking partners, establishes new partnerships with international lenders, and enhances our financial flexibility by providing an additional funding source beyond the domestic Thai baht bond market.”

Transaction details and lender composition

The Facility attracted a geographically diverse mix of international financial institutions across Japan, Taiwan, Singapore, China, Hong Kong, the Philippines, India, Macau and France. Participation included several lenders that are establishing relationships with GULF for the first time, reflecting growing international appetite for the company’s projects and credit profile.

• Initial mandate and upsizing: launched at US$400 million in May 2026; upsized by US$200 million to US$600 million following strong demand.
• Tenor structure: 3‑year and 5‑year tranches to match GULF’s liability management and capital needs.
• Banking syndicate: 33 participating banks at closing with peak demand around 4x the initial facility.
• Mandated Lead Arrangers, Underwriters, Bookrunners and Coordinators: DBS Bank Ltd., Mizuho Bank, Ltd., MUFG Bank, Ltd., Natixis (Singapore Branch), Sumitomo Mitsui Banking Corporation (Singapore Branch), and United Overseas Bank Limited.
• Agency role: Mizuho Bank, Ltd. acted as Facility Agent.

Context and strategic rationale

GULF positioned the offshore facility as part of a broader funding strategy to diversify beyond the domestic Thai baht bond market. The company pointed to a disciplined capital management approach, stable cash flow generation and a track record of developing and operating large‑scale energy and infrastructure projects as drivers of lender confidence. The transaction was also framed as recognition of GULF’s status as a leading infrastructure and investment group with potential to capture growth beyond its core businesses.

GULF’s business spans four strategic pillars—Energy, Port & Logistics, Digital and Telecommunication—and includes conventional and renewable power generation assets, deep‑sea container ports, intercity motorways, data center and cloud businesses, telecommunications infrastructure via Advanced Info Service Public Company Limited, satellite and space activities through Thaicom Public Company Limited, and digital asset exchange platforms via Gulf Binance.

Outlook

The successful syndication and the new international lender relationships are intended to enhance GULF’s financial flexibility and support near‑term project funding and expansion plans. With an ‘A’ credit rating from Japan Credit Rating Agency and strengthened global bank partnerships, GULF is positioned to tap additional cross‑border financing channels as it advances its energy, infrastructure and digital investments.