The Thailand Securities and Exchange Commission (SEC) issued a supervisory reminder to holders of Grande Asset Hotels and Property Public Company Limited’s GRAND254A bond ahead of the bondholders’ electronic meeting on 25 April 2025, urging them to study available information, exercise their voting rights, and seek sufficient details from the issuer or the bondholders’ representative. The meeting agenda includes proposed waivers of events of default related to the issuer’s modification of debt repayment and/or debt restructuring negotiations with financial institutions or other creditors, and a waiver linked to the bondholder registrar notifying the Thai Bond Market Association less than seven days before the initial closing date of the bondholder register. Bondholders will also vote on extending the bond’s maturity by eight months to 27 December 2025, increasing the interest rate from 7.00 percent per year to 7.30 percent per year for the extended period, and revising terms to require allocation of cashflows from specified transactions to pro rata bond repayment. The SEC requires the bondholders’ representative to analyze the benefits, shortcomings and potential impacts on bondholders in both approval and non-approval scenarios, with supporting reasons and the representative’s opinion.
Thailand Securities & Exchange Commission 2025-04-22
Thailand Securities and Exchange Commission urges GRAND254A bondholders to review information and vote on proposed default waivers and maturity extension
The Thailand Securities and Exchange Commission reminded holders of Grande Asset Hotels and Property Public Company Limited’s GRAND254A bond to review information and exercise voting rights at the upcoming electronic meeting. The agenda includes waivers of default events, an extension of the bond's maturity, an interest rate increase, and revised repayment terms. The SEC mandates the bondholders’ representative to assess these proposals' implications.