Hong Kong, August 23, 2013 -- Moody's says that Thai Beverage Public Company Limited ("ThaiBev", Baa3 stable) disclosed that it received SGD1.353 billion from the capital reduction by Fraser & Neave, Limited (F&N, unrated) on July 31 and used the proceeds to pay down its long-term debt of SGD1 billion (US$779 million) and short-term debt SGD353 million (US$275 million) in early August. ThaiBev disclosed the capital reduction, which had been expected, in a footnote in the interim financial statement it released on 14 August.

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