dtac inks its first ever THOR-based ESG-linked loan with Mizuho Bank

24 January 2022 – dtac TriNet Co., Ltd. (DTN), a subsidiary of Total Access Communication or dtac, has inked its first ever ESG-linked loan with incorporation of Thai Overnight Repurchase Rate (THOR) as reference rate for five-year tenor with Japan’s Mizuho Bank.

This THB 6 billon THOR-based ESG-linked Term Loan is the first THOR-based loan that is being provided with a margin adjustment/ incentive linked to the improvement in dtac’s ESG (Environment, Social and Governance) scoring which is designed to promote the financial market development for both new THOR reference rate and ESG-linked financial instrument.

This unique transaction represents the new milestone aiming to adopt the new BOT’s guideline, THOR, to improve the stability of the financial market along with awareness on the importance of ESG to stakeholders.

Mr. Nakul Sehgal, Chief Financial Officer of dtac said, “It is our great pleasure to enter our first sustainability-linked financing agreement with Mizuho Bank, one of Japan’s leading financial groups. This is a good opportunity for dtac to emphasize our commitment to responsible business practices. We continue to integrate ESG practices across our business as we believe this is key to driving meaningful changes in Thai society and building a sustainable and resilient future. We are also delighted to show our engagement in promoting the Thai Overnight Repurchase Rate (THOR), the new reference rate developed by the Bank of Thailand, which is a crucial milestone for the Thai financial markets.

Mr. Kei Shirota, General Manager of Mizuho Bank, Ltd. Bangkok Branch said, “Mizuho would like to express our sincere congratulations to DTN for the successful closing of this first ever THOR-based ESG-linked loan agreement and we are very proud to be part of this success. We are impressed with dtac’s sustainable development policy. as well as its efforts to adopt the newly launched THOR reference rate in its financing efforts, which will stimulate the future development of the Thailand financial market in line with the global trends.”

Mrs. Alisara Mahasandana, Assistant Governor, Financial Markets Operations Group, Bank of Thailand (BOT), said, “This ESG-linked THOR-based Loan between Mizuho and dtac TriNet Co., Ltd.  not only reflects the vision of both parties in focusing on Environmental, Social, and Governance (ESG) business but also the readiness of Mizuho in offering THOR-based loan transactions. In addition, this ESG-linked product has provided lower cost of financing to private sectors to achieve their sustainable growth. The BOT would like to express our gratitude for your cooperation in promoting the financial products to support Thailand’s sustainable development by adopting THOR as a reference rate as well as promoting the balance of economic, social, and environment.


ABOUT dtac

Total Access Communications Public Company Limited (dtac) is one of the leading telecommunications operators in Thailand. Through its subsidiary, dtac TriNet Company Limited (DTN), the Company provides telecommunications services with a comprehensive 5G, 4G, 3G, and 2G technology network which allow customers to use high-speed internet services, domestic mobile phone services, roaming (International Roaming), and long-distance telephone services (International Direct Dialing “IDD). DTN provides services under the “dtac” brand, which has a customer base at the end of Q3’21 of approximately 19.3 million numbers in Thailand, consisting of postpaid of 6.2 million and prepaid of 13.1 million.

Through its highly advanced digitalization initiatives and responsible business framework, dtac is committed to empowering its customers to live the life they truly want, connecting them to what matters most, and empowering society.


The Mizuho group is a global financial services leader with offices in nearly 40 countries, approximately 60,000 employees, and assets of nearly USD 2 trillion. Mizuho provides expertise in retail banking, corporate finance, investment banking, asset management, capital markets, and sales and trading, to help businesses develop and find new opportunities for growth.

Mizuho is enhancing its sustainability initiatives on a group-wide basis and aligning them with its business strategy, drawing on its expertise as a financial services group to provide advisory, financial, and a range of other solutions to companies promoting ESG efforts.