CKPower’s new THB 4 billion debentures received strong interest from institutional and high net worth investors

with the Company preparing to expand its renewable power projects and increase shareholding in its associated company.

Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited (CKPower), a listed company on the Stock Exchange of Thailand, stock symbol: "CKP", disclosed that in the previous week, CKPower had issued Baht 4,000 million of debentures to institutional and high net worth investors. The debentures have been well received among the investors with the demand of over 2 times the issue size, reflecting the investors' confidence in CKPower and its management capability.

The offered debentures are name-registered, unsubordinated and unsecured debentures, with debentureholders' representative, divided into 3 tranches consisting of Baht 1,500 million debentures with a tenure of 3 years at the interest rate of 1.74% per annum, Baht 1,000 million debentures with a tenure of 5 years at the interest rate of 2.45% per annum, and Baht 1,500 million debentures with a tenure of 7 years and the issuer's right to early redemption at interest rate of 3.02% per annum. The three tranches of debentures received a credit rating of "A-/Stable" by TRIS Rating Company Limited ("TRIS Rating") on April 30, 2021.

Mr. Thanawat said that part of the proceeds from the issuance of these new debentures will go towards paying off the outstanding debentures maturing in June 2021, while the rest is earmarked for asset acquisition or investment in business related to the Company's businesses operation, which includes feasibility study of the Luang Prabang Hydroelectric Power Project, and for use as working capital in the Company's operations.

"CKPower would like to thank all institutional and high net worth investors for their confidence in the Company and its management capabilities and for trusting the management team's potential and ability to lead CKPower towards success both in terms of its competitiveness and its renewable energy business expansion," said Mr. Thanawat.

"The success of this debenture issuance is partly due to the Company's ability to generate revenue, profit, and cash flow as well as its ability to efficiently manage its power plants. In Q1/2021, CKPower recorded a Total Revenue of Baht 2,101.0 million, an increase of 339.1 million or 19.2% from the same period last year, and a Net Profit attributable to equity holders of Baht 114.6 million, an increase of 454.1 million baht or 133.8% from the same period last year. In addition, TRIS Rating had affirmed the company rating at "A/Stable" in 2021," added Mr. Thanawat.

For the second half of this year, the company has a plan to issue additional debentures worth approximately Baht 2,000 million in order to support the acquisition of an additional 5% of shares in Xayaburi Power Company Limited (XPCL), which owns and operates Xayaburi Hydroelectric Power Plant in Lao PDR, at the total amount of approximately Baht 1,826.55 million as approved by the 2021 Annual General Meeting of Shareholders in April. After the acquisition, which is scheduled to be completed in Q3/2021, CKPower's shareholding in XPCL will increase from 37.50% to 42.50%. This plan for additional debenture issuance will be subject to the prevailing market condition at that time.

At the end of Q1/2021, CKPower's Net Interest-bearing Debt-to-Equity ratio was approximately 0.66 times, lower than the debenture covenant of not exceeding 3.0 times. In addition, the Company has an undrawn credit line of Baht 9,500 million to support its investments in various projects according to its 2021 investment plan with an investment budget of approximately Baht 4,000-6,000 million.