Gulf Development Public Company Limited (GULF)
BANGKOK, July 02, 2026 (GLOBE NEWSWIRE) — Gulf Development Public Company Limited (“GULF” or the “Company”) has successfully closed its offshore syndicated term loan facility, a US$600 million syndicated term loan facility (the “Facility”), marking a significant milestone in the Company’s funding strategy.
Initially launched in May 2026 at US$400 million, comprising 3-year and 5-year tranches, the Facility received strong support from GULF’s relationship banks and attracted significant interest from a broad group of lenders, including several institutions establishing lending relationships with GULF for the first time. At closing, the Facility brought together 33 banks and achieved peak demand of approximately 4 times the initial facility size, enabling GULF to exercise its greenshoe option and upsize the Facility by US$200 million to reach the final amount of US$600 million.
The Facility attracted participation from a diverse group of international financial institutions across Japan, Taiwan, Singapore, China, Hong Kong, Philippines, India, Macau, and France, supported by GULF’s longstanding relationships with Japanese and Chinese partners, suppliers, and EPC contractors across its projects.
The strong market response reflects lenders’ confidence in GULF’s robust financial position, disciplined capital management, stable cash flow generation, and proven track record in developing and operating large-scale energy and infrastructure projects. It also demonstrates recognition of GULF’s position as a leading infrastructure and investment group with the ability to capture future growth opportunities beyond its traditional businesses.
Ms. Yupapin Wangviwat, Chief Financial Officer of GULF Group, said: “The successful completion of this Facility represents an important milestone in GULF’s funding strategy, expanding our access to international markets and further diversifying our sources of financing. The strong response from the banking community, with commitments reaching nearly four times the initial facility size at peak demand, reflects lenders’ confidence in GULF’s financial strength, operational track record, and long-term growth strategy. This confidence is further reinforced by GULF’s achievement of an ‘A’ credit rating with a Stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand’s sovereign rating. The transaction strengthens our relationships with existing banking partners, establishes new partnerships with international lenders, and enhances our financial flexibility by providing an additional funding source beyond the domestic Thai baht bond market.”
DBS Bank Ltd., Mizuho Bank, Ltd., MUFG Bank, Ltd., Natixis, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch, and United Overseas Bank Limited acted as Mandated Lead Arrangers, Underwriters, and Bookrunners, as well as Coordinators for the Facility. Mizuho Bank, Ltd. also acted as the Facility Agent.
About GULF
Gulf Development Public Company Limited (“GULF”) is a leading infrastructure and investment holding company in Thailand. The Group operates across four strategic pillars: Energy, Port & Logistics, Digital and Telecommunication.
Its portfolio includes conventional and renewable power generation assets, deep-sea container ports, intercity motorways, data center and cloud businesses, as well as telecommunications infrastructure through Advanced Info Service Public Company Limited, satellite and space-related businesses through Thaicom Public Company Limited, and digital asset exchange platforms through Gulf Binance.
For more information, please visit www.gulf.co.th
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70cec2d6-36f8-4ca6-b8e8-a80f1430cc81
