The Thailand Securities and Exchange Commission urged bondholders in Sahakol Equipment Public Company Limited’s SQ 25 NA and SQ 25 NB bond series to review all available information and exercise their rights at the reconvened bondholders’ meeting on 28 October 2025. The SEC also required the bondholders’ representatives to provide a reasoned assessment of the benefits, shortcomings and potential impacts on bondholders in both approval and rejection scenarios. The agenda includes extending both series’ maturities by two years and nine months, splitting principal repayment into four instalments of 5%, 10%, 35% and 50% of principal, adding an issuer call option, and raising interest rates during the extended term in two stages, first by 0.50% per year above the original rate for each series and then to 6.50% per year. Proposed additional obligations include setting up a designated reserve account with withdrawals controlled solely by the bondholders’ representative, treating any change to withdrawal authority without prior consent as an event of default with immediate acceleration, and registering a business security over the deposit account and a mortgage over the company’s land and buildings within 30 days of an approving resolution. Bondholders will also consider revoking a 24 September 2025 resolution granting a one-year exemption from an event of default linked to debt restructuring requests, and granting exemptions covering a cross-default tied to repayment demands exceeding THB 700 million due by 3 October 2025 and other actions described in the meeting notices up to the time of approval. A prior meeting on 17 October 2025 failed to meet quorum, and the reconvened meeting is set for 14:00 on 28 October 2025 at the company’s head office in Bangkok.

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