BTS Group Holdings Public Company Limited or BTS Group is preparing to issue two tranches of debentures, comprising a 2-year tenor with a fixed coupon rate of 3.40% per annum and a 3-year tenor with a fixed coupon rate of 3.60% per annum. The subscription period is expected to take place on 29-30 September and 1 October 2025. The debentures will be offered to both general public and institutional investors through 11 leading financial institutions mandated as Joint Lead Arrangers. TRIS Rating has assigned the company and debentures a credit rating of “BBB+” with a “Stable” outlook (Investment Grade). This offering caters to investors seeking predictable and consistent returns amid economic volatility. BTS Group continues to reinforce its strength as the operator of the BTS Skytrain and is consistently recognized as the world’s most sustainable transportation company.
Ms. Chawadee Rungruang, Chief Financial Officer of BTS Group Holdings Public Company Limited (“BTS Group”), revealed that the company is preparing to offer Unsubordinated and Unsecured Debentures with a Debentureholders’ Representative in the Name-Registered to the General Public, with two tranches of 2-year and 3-year with coupon rates of 3.40% and 3.60% per annum, respectively. The coupon will be paid semi-annually until maturity.
The subscription period of both debentures is expected to be on 29-30 September and 1 October 2025. BTS Group appoints 11 leading financial institutions as Joint Lead Arrangers, including Bangkok Bank Public Company Limited, Krung Thai Bank Public Company Limited, KASIKORNBANK Public Company Limited, The Siam Commercial Bank Public Company Limited, CIMB Thai Bank Public Company Limited, Kiatnakin Phatra Securities Public Company Limited, Maybank Securities (Thailand) Public Company Limited, Yuanta Securities (Thailand) Company Limited, Asia Plus Securities Company Limited, KGI Securities (Thailand) Public Company Limited and Krungthai XSpring Securities Company Limited. The minimum subscription amount is 100,000 baht, with a multiple of 100,000 baht. Both BTS Group and the debentures have received an “Investment Grade” credit rating of “BBB+” with a “Stable” outlook from TRIS Rating, announced on 26 August 2025. The rating reflects BTS Group’s robust business profile, supported by stable service income generated from long-term operation and maintenance (O&M) contracts, substantial cash flow from its 33.33% investment in the BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), and a well-established position in the advertising media business.
Ms. Chawadee Rungruang, Chief Financial Officer of BTS Group Holdings Public Company Limited, states that the Company believes that the BTS Group’s debentures will be well received once again, reflecting investors’ continued trust in our strong business potential. The offering also provides an alternative for investors who are looking for resilient and stable returns, particularly during highly volatile market conditions. BTS Group intends to utilize the proceeds to reduce existing debts, reinforcing its financial resilience and driving long-term sustainable growth.
Over the past two years, BTS Group has continued to expand its rail mass transit network. The company operated the Yellow Line, covering 30.4 kilometers with 23 stations (Lat Phrao–Samrong), and the Pink Line, covering 34.5 kilometers with 30 stations (Khae Rai–Min Buri). Additionally, the Pink Line extension into Muang Thong Thani—2.6 kilometers with 2 more stations—has commenced service. As a result, BTS Group’s current rail mass transit network—including the Green, Gold, Yellow, and Pink Lines—now covers a total distance of 138 kilometers. Apart from rail mass transit, BTS Group has also signed O&M contracts for the Bus Rapid Transit (BRT) system, which spans 15 kilometers across 14 stations (Sathorn–Ratchaphruek). The company is also expanding its investments into intercity motorway projects, including the Bang Yai–Kanchanaburi route (M81), covering 96 kilometers, and the Bang Pa-In–Nakhon Ratchasima route (M6), running across 196 kilometers. These motorways are scheduled to commence commercial operations in 2025 and 2026, respectively.
Currently, the Company is in the process of filing the registration statement and the draft prospectus, which are not yet effective. For more information, please visit the SEC’s website at www.sec.or.th or please contact the following 11 Joint Lead Managers financial institutions:
Arrangers
- Bangkok Bank Public Company Limited (except Micro Branches) Tel. 1333, or subscript online via Bangkok Bank Mobile Banking application (for individuals only).
- Krung Thai Bank Public Company Limited, Tel. 02-111-1111, or subscribe online via Krungthai Next application through Money Connect by Krungthai (for individuals only).
- KASIKORNBANK Public Company Limited (Retail investors can subscribe via online channel (https://www.kasikornbank.com/kmyinvest), non-residents can subscribe at head office and branches) Tel. 02-888-8888 press 869
- The Siam Commercial Bank Public Company Limited Tel. 02-777-6784, or subscribe online via the SCB EASY application (for individuals only), including InnovestX Securities Co., Ltd., as a sales unit of the Siam Commercial Bank Public Company Limited.
- CIMB Thai Bank Public Company Limited Tel. 02-626-7777, or subscribe online via the CIMB Thai application
- Kiatnakin Phatra Securities Public Company Limited Tel. 02-165-5555, or subscribe online via the application Dime! for individual general investors, including Kiatnakin Phatra Bank Public Company Limited, as a sales unit Kiatnakin Phatra Securities Public Company Limited.
- Maybank Securities (Thailand) Public Company Limited Tel. 02-658-5050
- Yuanta Securities (Thailand) Company Limited Tel. 02-0098351-56
- Asia Plus Securities Company Limited Tel. 02-680-4004
- KGI Securities (Thailand) Public Company Limited Tel. 02-658-8888
- Krungthai XSpring Securities Company Limited Tel. 02-695-5555
