Weerawong C&P represented Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB) in connection with the Thai legal aspects of the guarantee to be provided by CGIF of S$195 million (USD 138.2 million approximately) unsecured bonds issued by IVL Singapore Pte Ltd., a Singaporean subsidiary of Indorama Ventures Public Company Limited (IVL), a listed Thai company. CGIF received a counter indemnity from the issuer and the Thai parent.
This represents one of CGIF’s first transactions in Thailand.
The use of an offshore issuing vehicle was unusual for the Thai market, and Bank of Thailand approval was obtained for the issue of bonds through the offshore vehicle and payment to CGIF of guarantee fees and under the counter indemnities. The transaction closed on 7 October 2015.
CGIF was established by ADB and the members of ASEAN together with the People's Republic of China, Japan, Republic of Korea (ASEAN+3). CGIF is a key component of the Asian Bond Markets Initiative. It was established to promote the development, stability and resilience of financial markets in the region. CGIF provides credit guarantees for local currency denominated bonds issued by investment grade companies in ASEAN+3 countries.
IVL is one of the world’s leading petrochemical producers and leading manufacturer of wool yarns.
The Weerawong C&P team was led by partner Veeranuch Thammavaranucupt and associate Parithat Chamnongsilp.
