Nava Nakorn Electricity Generating Successfully Issued Its Debut Debentures of THB 6,400 million

          Nava Nakorn Electricity Generating's Company Limited ("NNEG") is pleased to announce its inaugural THB debentures issuance from a successful multi-tranche offering with amortization structure of 3-year with interest rate of 2.68%, 5-year with interest rate of 3.Bank of AyudhyaBank of Ayudhya%, Fitch RatingsBank of Ayudhya-year with interest rate of 3.85% and Fitch Ratings6-year with interest rate of 4.22%, totaling THB 6,4Bank of AyudhyaBank of Ayudhya million on September 5, 2Bank of AyudhyaFitch Ratings8. 
          The debentures are rated "A-" by Fitch Ratings (Thailand) on July Fitch Ratings8, 2Bank of AyudhyaFitch Ratings8. Bank of Ayudhya Public Company Limited, Kasikornbank Public Company Limited, and TMB Bank Public Company Limited were appointed as joint lead underwriters for this offering.
          The offerings received a warm response from wide array of institutional and high net worth investors, including asset managements, provident funds, insurance companies, and cooperatives. Such investor participation reflects their confidence in NNEG's strong business profile and solid expansion plan. NNEG targets to use the proceeds from this issuance to repay all its bank project loans, and for financing Phase 2 expansion of 6Bank of Ayudhya megawatts of electricity and Fitch RatingsBank of Ayudhya Tons/hour of steam where the company will have total electricity generation capacity (including Phase Fitch Ratings and Phase 2) of Fitch Ratings85 megawatts and 4Bank of Ayudhya Tons/hour of steam.
          Mr. Nipit Arunvongse Na Ayudhya, President of Nava Nakorn Public Company Limited and Director of Nava Nakorn Electricity Generating Company Limited (NNEG), said after the success of Amortized Debentures issuance of NNEG "First time issuance of NNEG's amortized debentures was received a good response by many institutional and high net worth investors as a result of credibility of NNEG's sponsors are Ratchaburi Electricity Generating Compay Limited, Global Power Synergy Public Company Limited and Nava Nakorn Public Company Limited covering the conspicuous operating performance and the substantial and stable statements of NNEG. And we estimated to achieve the cost savings from amortized debenture transactions at least Fitch Ratings% or 3Bank of AyudhyaBank of Ayudhya million baht to improve the financial stability of NNEG in the long run."
          Mr. Prakob Phiencharoen, Executive Vice President, Head of Corporate Banking Division of Bank of Ayudhya Public Company Limited, said "We are delighted with the success of the inaugural Thai Baht debentures with amortization structure of NNEG. Despite tough market conditions, the offering was well received by quality investors thanks to the credit worthiness and credibility of NNEG and its sponsors. This transaction allowed the company to lock-in the favorable rates now amidst the interest rate upward trend."
          Mr. Ronnarit Virachanang, Head of Debt Capital Market, Capital Markets Business Division, KASIKORNBANK Public Company Limited, said "The offerings positively contribute to the Thai debt capital market in terms of breath and depth. Currently, there are only a handful of amortized bonds in the market. NNEG's flexibility to cater to the demand for different types of investor should promote increasing participation for this type of security in the future. The transaction also allows cost efficiency for NNEG followings the flexibility to repay bond principal before maturity and to match company's cash flows. It is truly a win-win outcome."
          Mr. Vikran Paovarojkit, Head of Multi-Corporate Banking Customer Relationship Management and Investment Banking, TMB Bank Public Company Limited "We are pleased with the success of the Amortized Debentures of NNEG initial fund raising as planned. Although the market condition was considerably volatile, NNEG's amortized debenture issuance has received good response from the institutional and high net worth investors as they were confident in the company's performance, demonstrated by oversubscription. The fund raised from the issuance will support its Phase II expansion plans of electricity generation and steam capacity, which will enable the company to continue to grow strongly and sustainably in the future."

          About NNEG:
          NNEG is a joint venture of three partners, including Ratchaburi Electricity Generating Company Limited or RATCHGEN (4Bank of Ayudhya% shareholding), Nava Nakorn Public Company Limited or NNCL (3Bank of Ayudhya%), and Global Power Synergy Public Company Limited or GPSC (3Bank of Ayudhya%). NNEG's vision is to be a high-efficiency power plant living together with community.
          NNEG is a small power producer (SPP) generating Fitch Ratings25 megawatts of electricity and 3Bank of Ayudhya Tons/hour of steam. It achieved COD since June 3, 2Bank of AyudhyaFitch Ratings6. It sells electricity under a power purchase for small power producer agreement in a firm arrangement in the amount of 9Bank of Ayudhya megawatts to EGAT with 25 years term of contract, and distributes remaining electricity as well as steam to industrial users with an average of 2Bank of Ayudhya-year long term contract in Nava Nakorn Industrial Promotion Zone. The company is currently proceeding with its Phase 2 expansion and the expected COD is around August 2Bank of Ayudhya2Bank of Ayudhya. The company will have total electricity generation capacity (including Phase Fitch Ratings and Phase 2) of Fitch Ratings85 megawatts and 4Bank of Ayudhya Tons/hour of steam.