PSL borrows 14.46 million dollars from Bangkok Bank's Singapore branch to refinance shareholder loans

Kaohoon··THSG·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

Precious Shipping Public Company Limited, or PSL, has informed the Stock Exchange of Thailand that on 21 September 2026, its wholly owned Singapore subsidiaries, Precious Fragrance Pte Ltd and Precious Thoughts Pte Ltd, as borrowers, signed secured long-term loan agreements with Bangkok Bank Public Company Limited, or BBL, Singapore branch, for a total facility of 14.46 million US dollars, with PSL acting as guarantor. The total facility of 14.46 million US dollars is divided into two sub-facilities: a loan for the first vessel of 6.96 million US dollars and a loan for the second vessel of 7.50 million US dollars. The interest rate is based on USD SOFR plus a margin, and the drawdown period is within 12 months from the date of signing the agreements. The main purpose of the loans is to repay or refinance shareholder loans and/or to support the borrowers' operations. Under the repayment terms, each sub-facility will be repaid in a total of 32 installments, with the first installment due within 3 months after drawdown. The collateral consists of first-priority mortgages on two Handysize vessels, Benjamas Naree and Jintana Naree, as well as the assignment of insurance proceeds, claims, earnings and charter contracts with a term of 12 months or more, along with a pledge of the borrowers' shares. Meanwhile, the borrowers must maintain a minimum cash balance of 100,000 US dollars and a minimum debt service coverage ratio of 1.2 times. PSL, as guarantor, must maintain a net debt to total equity ratio of no more than 2 to 1 and total equity of not less than 225 million US dollars. In addition, PSL must maintain its status as a listed company on the Stock Exchange of Thailand, while the borrowers may not pay dividends or other returns to shareholders if an event of default occurs and remains unremedied.

Impact on assets 1

Digital Finance & Tokenization▲ · 1 stocks
Bangkok Bank PCL
BBL
▲ PositiveCapitalrelevance

Bangkok Bank's Singapore branch signs a $14.46M secured long-term loan facility, expanding its lending book.

Off-coverage companies 2

Precious Fragrance Pte. Ltd.Private▲ Positive
Capitalrelevance

Precious Fragrance secures a $6.96M vessel loan to refinance shareholder loans and support operations.

Precious Thoughts Pte. Ltd.Private▲ Positive
Capitalrelevance

Precious Thoughts secures a $7.50M vessel loan to refinance shareholder loans and support operations.

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