True Corporation Closes Oversubscribed JPY141.3 Billion Sustainability Loan

True Corporation Public Company Limited (TRUE), Thailand’s leading telecom-tech company and global sustainability pioneer, has successfully secured its maiden sustainability-linked syndicated loan, totalling JPY141.3 billion, for refinancing and debt repayment. This marks the first time a telecom-tech company in Thailand has achieved a sustainability-linked syndicated loan.
This loan represents True Corporation’s inaugural venture into the Japanese yen financing market and stands as the largest Japanese yen loan and sustainability-linked loan ever completed by a Thai corporation. Initially launched at JPY109.9 billion, the loan was upsized to JPY141.3 billion due to strong interest from both Japanese and international banks, leading to the exercise of the Greenshoe option.
By securing this loan, True Corporation has become the first Thai telecom-tech company to obtain such a facility, underscoring its commitment to sustainability. The loan is linked to two key performance indicators: (i) reducing Greenhouse Gas (GHG) emissions (Scope 1 and 2) and (ii) increasing solar cell capacity at its cell sites, aligned with True’s goal of achieving carbon neutrality (Scope 1 and 2) by 2030 and net-zero emissions by 2050, following the Science-Based Targets Initiative (SBTi).
True Corporation’s use of sustainability-linked financing highlights its strong commitment to Environmental, Social, and Governance (ESG) goals. In 2023, the company achieved the highest score in the telecommunications industry in the S&P Global Corporate Sustainability Assessment and has been listed in the Dow Jones Sustainability Indices (DJSI) for the sixth consecutive year. This loan further demonstrates True’s dedication to renewable energy and innovation, including the adoption of artificial intelligence to reduce energy consumption.
Ms. Yupa Leewongcharoen, Co-Chief Financial Officer of True Corporation, expressed: “We are thrilled to have secured our first Japanese yen sustainability-linked loan with overwhelming interest. This milestone diversifies our investor base, reduces financial risk, and enhances financial flexibility with favourable terms, while aligning with our climate action goals and reinforcing our position as the world’s most sustainable telecom company.”
True Corporation aims to become a sustainable telco-tech leader, focusing on profitable growth through customer experience enhancement, synergies, and disciplined cost control. The company expects 2025 to be a year of sustainable profitability and value creation, stemming from technological innovation, superior network quality, and customer satisfaction.
The loan was arranged by Bank of China (Hong Kong) Limited, BNP Paribas, DBS Bank Ltd, Mizuho Bank, Ltd., Natixis, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank (Singapore) Limited, and Sumitomo Mitsui Banking Corporation. Mizuho Bank, Ltd. acted as the sole JCR rating coordinator, while Sumitomo Mitsui Banking Corporation served as the sole sustainability coordinator.