The Thailand Securities and Exchange Commission (SEC) reported that Chayo Group Public Company Limited will hold an electronic bondholders’ meeting on 16 October 2025 to vote on proposed amendments affecting five bond series (CHAYO25NA, CHAYO263A, CHAYO26OA, CHAYO273A and CHAYO279A). The package centres on extending maturities by two years with staged principal repayment, alongside a conditional coupon step-up and additional issuer obligations linked to asset disposals and cashflow earmarking for repayment. Under the proposal, principal would be repaid in two instalments, with at least 10 percent of the outstanding principal paid on the original maturity date and the remainder repaid on the extended maturity date. If bondholders do not approve the maturity extension, the issuer will not put forward the interest-rate increase and additional obligations, and would be required to repay principal and interest under the original terms. If the extension is approved, the issuer will ask bondholders to approve a 0.25 percentage point annual coupon increase during the extended period, taking CHAYO25NA to 6.25 percent, CHAYO263A to 6.30 percent, CHAYO26OA and CHAYO273A to 6.50 percent, and CHAYO279A to 6.65 percent. Proposed covenant changes would require at least 70 percent of net proceeds from disposal of 17 non-performing loans and non-performing assets to be applied to partial repayment in the first instalment, and mandate monthly deposits of at least 50 percent of net operating proceeds into a debenture fund for accumulation toward partial repayment. The SEC required the bondholders’ representative to analyse benefits, shortcomings and potential impacts for bondholders under both approval and non-approval scenarios, and encouraged bondholders to review the information and consult the representative before voting.
Thailand Securities & Exchange Commission 2025-10-10
Thailand Securities and Exchange Commission flags Chayo Group proposal to extend five bond maturities by two years and raise coupons ahead of bondholders meeting
The Thailand Securities and Exchange Commission announced that Chayo Group Public Company Limited will hold an electronic bondholders’ meeting on 16 October 2025 to vote on proposed amendments to five bond series, including a two-year maturity extension and conditional coupon step-up. If approved, the issuer will implement a 0.25 percentage point annual coupon increase and new covenants for asset disposal proceeds and cashflow earmarking. The SEC instructed the bondholders’ representative to assess implications of both approval and non-approval scenarios.