Frasers Property Ltd.'s Thai unit, Frasers Property Holdings (Thailand) Co. Ltd., priced two series of debenture offerings under its 25.00 billion-baht debenture program.

The subsidiary will offer to institutional investors through a private placement up to 2.30 billion baht of 3.02% debentures due 2022 and up to 1.20 billion baht of 3.88% debentures due 2028. The securities are expected to be issued Aug. 17.

Frasers Property Holdings plans to use the proceeds from the offering to repay existing debt and/or for working capital.

Bangkok Bank PCL, Bank of Ayudhya PCL and Government Savings Bank are the joint lead arrangers for the debentures.

As of Aug. 13, US$1 was equivalent to 33.39 baht.