The Thailand Securities and Exchange Commission has published an update on Prime Road Power Public Company Limited’s electronic Bondholders’ Meeting No. 2/2025 on 22 August 2025 covering the PRIME253B, PRIME253A, PRIME25DA and PRIME25DB bond series. The meeting agenda centres on seeking bondholder approval to waive events of default linked to the issuer’s non-payment of principal and interest due on 31 July 2025, and to approve related amendments and additional security. For PRIME253B and PRIME253A, bondholders will be asked to approve waivers of events of default for the missed 31 July 2025 payments, including cross-default triggers involving debt exceeding THB 300 million, and to cancel the call default set out in bondholders’ representative letters dated 1 August 2025 and related actions. If the default waivers are approved, the issuer will also seek approval to reschedule a partial principal repayment of not less than 30% of par value per unit from 31 July 2025 to 28 November 2025, extend maturities by eight months and 20 days (PRIME253B) and eight months and 18 days (PRIME253A) from the original due dates, increase the interest rate by 0.50% per year from 31 July 2025 through the extended maturity period, and provide additional collateral to be specified later via a mortgage over land held under a Utilization Certificate (Nor Sor 3) in Bo Phloi District, Kanchanaburi Province, subject to approval across all four bond series meetings. For PRIME25DA and PRIME25DB, bondholders will vote on waiving events of default arising from the PRIME253B and PRIME253A non-payment and related restructuring actions within one year from the meeting date (if applicable), and on the same additional collateral package, with the collateral item contingent on approval of the waiver item. The SEC requires the bondholders’ representatives to analyse benefits, shortcomings and potential impacts on bondholders for both approval and non-approval scenarios, supported by reasons and the representatives’ opinions, and encouraged bondholders to review the information and raise questions with representatives before voting at the e-meeting.
Thailand Securities & Exchange Commission 2025-08-19
Thailand Securities and Exchange Commission requires bondholder representative analysis for Prime Road Power bondholders’ vote on default waivers and revised bond terms
The Thailand Securities and Exchange Commission announced an electronic Bondholders’ Meeting for Prime Road Power Public Company Limited on 22 August 2025, focusing on waiving events of default for missed payments on 31 July 2025 for the PRIME253B, PRIME253A, PRIME25DA, and PRIME25DB bond series. Bondholders will vote on waivers, rescheduling payments, extending maturities, increasing interest rates, and providing additional collateral. The SEC urges bondholders to review implications and engage with representatives before voting.