Thai hotelier Minor plans $782 million funding in pandemic-hit market

SINGAPORE (Reuters) – Thailand’s Minor International Pcl , which operates brands such as Marriott and Four Seasons, plans to raise a total of 25 billion baht ($782.5 million) through perpetual bonds, a rights issue and 3-year warrants.

“Amidst the adverse impact on its operations from the global COVID-19 pandemic, MINT (Minor International) is taking a proactive approach to ensure its ability to service its obligations and to maintain its commitment to the quality of he balance sheet,” the company said in a statement on Monday.

The announcement came after the hotel and food group reported a first-quarter loss of 1.77 billion baht, versus a profit of 583.1 million baht a year earlier.

Minor said it has a portfolio of 529 hotels in 56 countries.

($1 = 31.9500 baht)

(Reporting by Anshuman Daga; Editing by Himani Sarkar)