HONG KONG, Jan 6 (Reuters) - CP All PCL, controlled by Thai billionaire Dhanin Chearavanont, aims to close a $4 billion loan financing in January to refinance the outstanding amount of a $5.88 billion bridge loan it used to buy Siam Makro PCL, Basis Point reported on Monday.
The refinancing deal aims to cut Thai convenience store operator CP All’s exposure to U.S. dollar debt. The Thai baht has weakened 7.82 percent against the U.S. dollar since June 19, the day that CP All signed its $5.88 billion bridge facility, reported Basis Point, a Thomson Reuters publication.
The new financing package will leave CP All with $1.32 billion in U.S. dollar debt as the other portion of the loan is denominated in Thai baht, the report said.
CP All previously reduced its U.S. dollar exposure in October by raising a Thai baht bond equivalent to $1.5 billion.
Reporting by Prakash Chakravarti; Writing by Stephen Aldred; Editing by Matt Driskill