Gulf Development closed its offshore syndicated term loan facility, a $600 million syndicated term loan facility, marking a milestone in the company’s funding strategy.
Initially launched in May 2026 at $400 million, comprising three-year and five-year tranches, the facility received strong support from GULF’s relationship banks and attracted significant interest from a broad group of lenders, including several institutions establishing lending relationships with GULF for the first time. At closing, the facility brought together 33 banks and achieved peak demand of approximately four times the initial facility size, enabling GULF to exercise its greenshoe option and upsize the facility by $200 million to reach the final amount of $600 million.
The facility attracted participation from a diverse group of international financial institutions across Japan, Taiwan, Singapore, China, Hong Kong, Philippines, India, Macau and France, supported by GULF’s longstanding relationships with Japanese and Chinese partners, suppliers and EPC contractors across its projects.
“The successful completion of this Facility represents an important milestone in GULF’s funding strategy, expanding our access to international markets and further diversifying our sources of financing,” Yupapin Wangviwat, chief financial officer of GULF Group, said. “The strong response from the banking community, with commitments reaching nearly four times the initial facility size at peak demand, reflects lenders’ confidence in GULF’s financial strength, operational track record, and long-term growth strategy. This confidence is further reinforced by GULF’s achievement of an ‘A’ credit rating with a Stable outlook from Japan Credit Rating Agency (JCR), equivalent to Thailand’s sovereign rating. The transaction strengthens our relationships with existing banking partners, establishes new partnerships with international lenders, and enhances our financial flexibility by providing an additional funding source beyond the domestic Thai baht bond market.”
DBS Bank, Mizuho Bank, MUFG Bank, Natixis (Singapore branch), Sumitomo Mitsui Banking (Singapore branch) and United Overseas Bank acted as mandated lead arrangers, underwriters and bookrunners, as well as coordinators for the facility. Mizuho Bank also acted as the facility agent.
