Thai Beverage Pcl’s credit rating was cut to junk by Standard & Poor’s, which cited concern about the debt and cash flow of the group controlled by Thai billionaire Charoen Sirivadhanabhakdi after the purchase of Fraser & Neave Ltd.
Holders of Fraser & Neave Ltd.’s 5.5 percent 2016 and 6.0 percent 2019 notes voted against allowing the company to amend the terms of the debt, hindering plans to spin off a property unit without causing a default.
Fraser & Neave Ltd. may learn as soon as today whether bondholders will allow the company to amend the terms on S$808.25 million ($650 million) of debt so it can spin off its property unit without triggering a default.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Fraser & Neave Ltd. rose above Thai billionaire Charoen Sirivadhanabhakdi’s offer price as investors speculated that the Singapore-based company may attract a higher bid and Heineken NV considered its next step in a two-month battle to gain control of F&N’s beer business.
Fraser & Neave Ltd., controlled by Thailand’s richest man, said it plans to spin off its property business from operations including beverages and publishing through a Singapore listing at the end of the year.