Thai TUF may need to raise equity after debt-fueled Bumble Bee buy-CEO

Reuters

BANGKOK (Reuters) - Thai Union Frozen Products PCL (TUF) <TUF.BK> may need to raise equity capital to lower its debt-to-equity ratio after a $1.5 billion acquisition of U.S. tuna producer Bumble Bee Seafoods, the company's chief executive said on Friday.

TUF's debt-to-equity ratio will more than double to 2.0 from 0.8 after the acquisition, Thai Union's President and Chief Executive Thiraphong Chansiri told reporters.

The company would target a return to a debt-to-equity ratio of 1 in the future, he said.

Revenue should reach $5 billion in 2015 and is on track to achieve revenue target of $8 billion by 2020, he added.

(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Simon Webb and Muralikumar Anantharaman)