Thailand Securities and Exchange Commission urged holders of two Power Line Engineering Public Company Limited bond series to review available information and exercise their rights at an electronic bondholders’ meeting on 28 March 2025, where votes will be taken on a proposed waiver of an event of default and a change to a key financial covenant. The meeting for PLE256A and PLE272A bondholders will consider exempting an event of default arising from failure to maintain an Interest-Bearing Debt to Equity Ratio of no more than 4:1 as of 31 December 2024, and amending the terms and conditions to raise the maximum ratio to 5:1. The SEC also required the bondholders’ representative to assess benefits, shortcomings and potential impacts on bondholders under both approval and non-approval scenarios, supported by reasons and the representative’s opinion, and encouraged bondholders to seek comprehensive information from the issuer or the representative before voting. Bondholders’ Meeting No. 1/2025 will be held electronically on 28 March 2025 at 10.00 hours.
Thailand Securities & Exchange Commission 2025-03-26
Thailand Securities and Exchange Commission urges PLE bondholders to weigh waiver request and leverage covenant change from 4:1 to 5:1
The Thailand Securities and Exchange Commission advises holders of two Power Line Engineering bond series to review information and join an electronic bondholders’ meeting on 28 March 2025. The meeting will discuss waiving an event of default and changing a financial covenant, specifically raising the Interest-Bearing Debt to Equity Ratio from 4:1 to 5:1. Bondholders should consider the representative's assessment of the proposal's benefits and drawbacks before voting.