Thailand Securities and Exchange Commission urges bondholders of seven MJD series to review proposed three-year maturity extensions and interest increases before 21 October meeting

The Thailand Securities and Exchange Commission urged bondholders in seven Major Development Public Company Limited (MJD) bond series to review all available information and exercise their rights at an upcoming bondholders’ meeting, including by seeking comprehensive details from the issuer and the bondholders’ representative to support informed voting. The electronic meeting on 21 October 2025 will consider, among other items, an exemption from an event of default linked to late notification of the Thai Bond Market Association, and approval of amendments to extend each series’ maturity by three years, increase coupon rates during the extension (by 0.25 percentage points per year for MJD26OA, MJD274A and MJD278A, and by 0.30 percentage points per year for MJD25OA, MJD25OB, MJD263A and MJD265A), and revise principal repayment into three instalments of at least 20 percent, 30 percent and the remaining balance. Other proposals include an event-of-default exemption tied to revising repayment terms and potentially negotiating broader debt restructuring for total aggregate debt exceeding THB 400 million (or equivalent), changes to early redemption terms including removing minimum repayment amounts and cancelling early redemption fees for certain series, and removing the issuer’s obligation to maintain a credit rating for the bonds. The SEC also required the bondholders’ representative to analyse benefits, shortcomings and potential impacts on bondholders under both approval and rejection scenarios, with supporting reasons and the representative’s views.