Finance/PSH

PSH to offer new debentures

Editorial staff

Pruksa Holding Public Company Limited (“PSH”) is preparing to offer the debentures under a Public Offering (PO) this May.

The debentures will be senior secured debentures, guaranteed by its core subsidiary “Pruksa Real Estate Public Company Limited," with a debentureholders’ representative appointed. The offering period is expected to be during 8 and 11–12 May 2026.

The debentures will consist of two tranches, including the 2-year debentures with an indicative coupon rate of [3.40 – 3.60]% per annum and the 3-year debentures with an indicative coupon rate of [3.75 – 4.00]% per annum.

The company will announce the final coupon rate prior to the subscription date. Interest will be paid on a quarterly basis throughout the debenture term.

The debentures have been assigned a credit rating of “BBB+” with a “Negative” outlook by TRIS Rating Co., Ltd. on 6 March 2026. This rating is within the “Investment Grade” category, making the debentures suitable for investors seeking predictable and consistent returns amid market volatility.

Jintana Insee, Group Chief Financial Officer of Pruksa Holding Public Company Limited

Jintana Insee, Group Chief Financial Officer of Pruksa Holding Public Company Limited, stated that although the Thai real estate market continues to face headwinds from the broader economic environment and weakened purchasing power, the company has maintained strong financial stability. PSH continues to operate with low leverage and ample liquidity, supported by disciplined cost management and ongoing project development.

As of 31 December 2025, the company recorded an interest-bearing debt-to-equity ratio of 0.33 times, reflecting prudent capital structure management. Such prudent management enhances financial flexibility and supports operations amid economic volatility.

In addition, the company has undrawn credit facilities from financial institutions, providing further liquidity and strengthening long-term capital management.

In 2026, the company targets total revenue of 18.8 billion baht, comprising 15 billion baht from the real estate business and 2.6 billion baht from the healthcare business, with the remainder generated by other business units.

Currently, the company holds a total backlog valued at 3 billion, of which approximately 2 billion baht is expected to be recognized within 2026 and the remainder within the following year. In addition, the company currently holds an inventory portfolio valued at 66.4 billion baht, providing a strong pipeline to support continuous sales and ownership transfers going forward.

PSH debentures offer an attractive investment option for investors seeking portfolio diversification and stable returns over the 2–3 year investment horizon. The proceeds from this offering will be used to refinance maturing debentures. The subscription period is expected to take place on 8 and 11–12 May 2026. The company has appointed 5 leading financial institutions, including KASIKORNBANK Public Company Limited, Kiatnakin Phatra Securities Public Company Limited, TMBThanachart Bank Public Company Limited, Asia Plus Securities Company Limited, and Krungthai XSpring Securities Company Limited, as its financial advisors.