Mud & Hound Public Company Limited is an investment holding company that retails food and beverages in Thailand and internationally. It operates in two segments: Food and Beverage, which produces and distributes snacks and drinks and runs restaurants; and Garment, which produces and distributes clothing and leather work products. The company is an authorized franchisee for Au Bon Pain bakery café and Dunkin' Donuts, and owns brands including Greyhound Café, Greyhound Original, M Kitchen, Le Grand Véfour, and Another Hound Café. It also provides management services. Formerly known as Mudman Public Company Limited, it changed its name to Mud & Hound Public Company Limited in June 2021. Incorporated in 2006 and based in Bangkok, Thailand, it operates as a subsidiary of Sub Sri Thai Public Company Limited.
MUD files for high-yield bond offering at 7.35% interest, subscription opens 3-5 November
MUD & Hound Public Company Limited, or MUD, has filed a draft registration statement with the Securities and Exchange Commission to issue and offer high-yield, unsubordinated, secured bonds. The issuer has the right to redeem the bonds before maturity. The bonds have a term of 2 years and 3 months, maturing in 2029, with an interest rate of 7.35% per annum, paid every 3 months. They will be offered to institutional investors and/or high-net-worth investors, secured by ordinary shares of ABP Cafe Thailand Company Limited at not less than 1.50 times the bonds issued and offered. The appraised price by an independent appraiser is 338.36 baht per share, valued using the discounted cash flow method. Subscription opens from 3 to 5 November 2026. The bond arrangers are Asia Plus Securities, Bluebell Securities, Maybank Securities Thailand, Dao Securities Thailand, and UOB Kay Hian Securities Thailand, with Asia Plus Securities Company Limited acting as the bondholders' representative. The credit rating is BB-, assigned by TRIS Rating Company Limited on 23 June 2026, and the company intends to use the proceeds from this bond offering to repay debt from its issuance of debt instruments.
MUD to Offer Secured 2-Year Bonds at 7.35% Interest, Subscription Opens August 4–6
Mud and Hound Public Company Limited has filed a registration statement with the SEC to issue and offer high-risk, non-subordinated, secured bonds with a 2-year maturity and an annual interest rate of 7.35%, payable quarterly. The bonds are offered to institutional and high-net-worth investors, secured by ordinary shares of ABP Cafe Thailand Company Limited at a coverage ratio of no less than 1.50 times the issued and offered bonds, with an independent appraised value of 338.36 baht per share. Subscription is open from August 4 to 6, 2026. The bond underwriters are Asia Plus Securities, Bluebell Securities, Maybank Securities Thailand, Dao Securities Thailand, and UOB Kay Hian Securities Thailand, with Asia Plus Securities acting as the bondholder representative. The credit rating is BB- by TRIS Rating as of June 23, 2026. The company intends to use the proceeds from this bond offering to repay debt from debt instrument issuances.
Bluebell Securities launches bond offerings for 7 companies with coupons of 4.60–7.35% per annum
Bluebell Securities is offering newly issued bonds from seven companies, totaling nine series, between late July and September 2026. Coupons range from 4.60% to 7.35% per annum, with tenors from 1 year 1 month to 3 years. Mud & Hound bonds have a 2-year tenor, pay 7.35% per annum, carry 1.50 times collateral coverage and a BB- credit rating, and are offered to institutional and high-net-worth investors from 31 July and 3–4 August. Saksiam Leasing bonds have a 3-year tenor, pay 5.60–5.80% per annum, hold a BBB credit rating, and are offered to the general public from 24–27 August. Ananda Development offers two series: a 1-year-1-month-3-day tenor paying 6.50–6.75% per annum, and a 2-year-6-month-27-day tenor paying 7.20% per annum. Both series carry 1.50 times collateral coverage and a BB credit rating, and are offered to institutional and high-net-worth investors from 3–5 August. Noble Development bonds have a 2-year-11-month tenor, pay 6.00–6.25% per annum, hold a BBB- credit rating, and are offered to the general public from 4–6 August. Aurora Design offers two series: a 1-year-6-month tenor paying 4.80–4.90% per annum with a BBB- credit rating, and a 2-year-6-month tenor paying 4.60–4.70% per annum with a BBB credit rating and 1.00 times collateral coverage. Both are offered to institutional and high-net-worth investors from 25–27 August. Micro Leasing bonds have a 2-year tenor, pay 6.40–6.60% per annum, hold a BB credit rating and 1.20 times collateral coverage, and are offered to institutional and high-net-worth investors from 1–3 September. Jaymart Group Holdings bonds have a 3-year tenor, pay 5.75–6.00% per annum, hold a BBB- credit rating, and are offered to the general public from 21–23 September.
ANAN.BK · Capital · Neutral Ananda Development is issuing bonds with 6.50-7.20% coupons, which is a capital-raising event; impact depends on investor demand and cost of debt.
AURA.BK · Capital · Neutral Aurora Design is issuing bonds with 4.60-4.90% coupons, a capital-raising event; impact depends on investor demand and cost of debt.
JMART.BK · Capital · Neutral Jaymart Group Holdings is issuing bonds with 5.75-6.00% coupons, a capital-raising event; impact depends on investor demand and cost of debt.
MUD.BK · Capital · Neutral Mud & Hound is issuing bonds with 7.35% coupon, a capital-raising event; impact depends on investor demand and cost of debt.
NOBLE.BK · Capital · Neutral Noble Development is issuing bonds with 6.00-6.25% coupons, a capital-raising event; impact depends on investor demand and cost of debt.
SAK.BK · Capital · Neutral Saksiam Leasing is issuing bonds with 5.60-5.80% coupon, but the article only reports the offering details; no impact on the company's operations or financial health is stated.
IFA Opposes SST Land Mortgage to Guarantee MUD's 300 Million Baht Loan, Citing Unjustified Risk
An independent financial advisor has opposed the plan of Sub Sri Thai Public Company Limited, or SST, to mortgage land as collateral for a loan facility of up to 300 million baht extended to Mud and Hound Public Company Limited, or MUD, deeming it unreasonable and recommending that shareholders not approve it. The IFA argued that the return is low compared to alternatives, the agreement lacks a clear mortgage timeframe, and there is high risk if MUD defaults, potentially causing SST to lose a valuable asset. However, the audit committee and the board of directors, excluding interested directors, still resolved to present the matter to the shareholders' meeting, stating that the transaction is necessary and beneficial in the long term because it will help MUD secure funds to bolster liquidity and working capital. MUD faces constraints in finding funding sources and lacks sufficient collateral. Moreover, MUD's financial status is critical to the group's stability, as a default by MUD could trigger cross-defaults affecting SST as an investor. The final decision rests with shareholders, who may use the IFA's opinion in their consideration.
SST.BK · Capital · Negative IFA opposes the mortgage plan, citing low return, unclear timeframe, and high risk of losing valuable asset if MUD defaults.
MUD.BK · Capital · Positive The loan facility of 300 million baht from SST will bolster MUD's liquidity and working capital, reducing default risk.
Thailand