Global seafood company Thai Union Group has raised $588 million in blue bond and sustainability-linked bond and loans. The company said the bond deal was the first in Thailand to combine use-of-proceeds blue bonds with sustainability-linked bonds in a single offering. It was oversubscribed by nearly 400%. With this transaction, Thai Union has now exceeded its goal of securing 75% of its long-term financing from sustainable sources by 2025 and is on track to reach 100% by 2030.
The transactions in September, totaling THB 19 billion (US$588 million), comprised a THB 10 billion package of sustainability-linked loans from a syndicate of leading banks and a THB 9 billion bond issuance. Strong market demand saw the issuance heavily oversubscribed, prompting the bond issuance’s upsizing from THB 7 billion to THB 9 billion.
Participating banks included Bank of Ayudhya and Kasikornbank (for both the bonds and loans); Kiatnakin Phatra Securities, Krung Thai Bank, and Siam Commercial Bank (for the bonds); and Bank of China Hong Kong and Thailand, Export-Import Bank of Thailand, Mizuho Bank, OCBC Singapore Branch, Sumitomo Mitsui Banking Corporation, Bangkok Branch, and HSBC Singapore and Thailand (for the loans).
The financing instruments are closely linked to the company’s SeaChange 2030 strategy, supporting key sustainability objectives such as reducing greenhouse gas emissions, advancing responsible aquaculture, and funding ocean-focused projects. Sustainability-linked instruments incentivize performance by offering favorable financing terms upon achievement of defined targets, while Blue Bonds allocate proceeds directly to ocean-related initiatives.
“This remarkable achievement is a powerful endorsement of our vision and a clear signal that financial performance and sustainability leadership go hand-in-hand,” said Thiraphong Chansiri, President and CEO of Thai Union Group PCL. “It’s not just about securing capital; it’s about aligning our financial strategy directly with our SeaChange 2030 sustainability commitments. The immense trust placed in us by the investment community fuels our dedication to our mission of ‘Healthy Living, Healthy Oceans,’ as we work to create a more sustainable and equitable future for the global seafood industry.”
Earlier this year, Thai Union also secured a landmark THB 5 billion blue loan from the Asian Development Bank (ADB) and participating banks—the first of its kind in Thailand’s seafood sector—supporting sustainable shrimp production and farmer certification. In total, Thai Union’s sustainable refinancing reached THB 24 billion in 2025.
“The financial outcome of this issuance is exceptional. Achieving our historically lowest borrowing costs reflects the market’s deep confidence in Thai Union’s financial strength and strategic direction,” said Ludovic Garnier, Chief Financial Officer, Thai Union Group. “The innovative hybrid structure and the overwhelming oversubscription demonstrate a growing appetite for sophisticated sustainable finance products. We are incredibly grateful for the immense support from our investor community.”
