Mud & Hound to offer 7.35% bonds, subscription November 3-5, 2026

HoonSmart··TH·Read original
2▲0 ▼0Impact / 5
Summary · why it matters

Mud & Hound, or MUD, plans to offer long-term, named-holder, unsubordinated, secured bonds with a maturity of 2 years and 3 months and a fixed interest rate of 7.35% per year, paying interest every 3 months. Subscription is expected to open between November 3 and 5, 2026, through five leading securities firms, to institutional investors and/or high-net-worth investors, with a minimum subscription of 100,000 baht and multiples of 100,000 baht. The bonds are secured by ordinary shares of ABP Cafe (Thailand) Company Limited, or ABP, at a value of not less than 1.5 times the value of the bonds issued and offered. ABP holds the rights under a master franchise agreement to produce and sell bakery products under the Au Bon Pain trademark in Thailand exclusively. The company has received a corporate credit rating of BB- with a Negative outlook from Tris Rating Company Limited on June 23, 2026, and the purpose of this fundraising is to repay bonds due in November 2026 as well as to use as working capital in conducting business. The company is currently in the process of filing the registration statement for the debt instrument offering and the draft prospectus with the Securities and Exchange Commission, which has not yet taken effect.

Impact on assets 1

Consumer Discretionary▲ · 1 stocks
Mud & Hound Public Company Limited
MUD
± MixedCapitalrelevance

Mud & Hound plans a 7.35% secured bond offering to repay November 2026 bonds and fund working capital, with a BB- negative-outlook rating.

Off-coverage companies 2

ABP Cafe (Thailand) Co., Ltd.Private± Mixed
Capitalrelevance

ABP Cafe's ordinary shares secure the bonds at not less than 1.5x the issue value, and ABP holds the Au Bon Pain Thailand master franchise rights.

TRIS Rating Co., Ltd.Private± Mixed
Capitalrelevance

TRIS Rating assigned Mud & Hound a BB- Negative corporate credit rating on June 23, 2026, referenced as context for the bond offering.

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