Minor International : to Raise $345 Million to Strengthen Balance Sheet

By Ben Otto

Hospitality company Minor International will seek to raise about 10.65 billion Thai baht ($344.7 million) via a rights offering, part of efforts to strengthen a balance sheet under stress from the coronavirus pandemic.

Bangkok-based Minor, which operates hotel brands including Marriott, Four Seasons and St. Regis in more than 50 countries, will offer 563.3 million shares at THB18.90 per share, it said Wednesday.

The offer price represents an 8.3% discount to the stock's last-traded price of THB20.60.

Minor said it would allocate one new ordinary share per 8.2 existing ordinary shares.

Minor had announced the rights offering last month, saying it would seek to raise about THB10 billion in the third quarter.

It had also announced plans to raise another THB10 billion in perpetual bonds and THB5 billion via three-year warrants to ensure its ability to service obligations as the pandemic slows tourism and travel.

This week, it announced plans to raise $300 million via the issuance of debentures to refinance debt and meeting working capital needs.

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