Thailand Securities and Exchange Commission published a notice urging holders of 14 Energy Absolute Public Company Limited (EA) bond series to review all available information and exercise their rights at the bondholders’ meeting scheduled for 27 June 2025, ahead of votes on exemptions and a proposed bond debt restructuring. Bondholders are encouraged to seek comprehensive information from the issuer and the bondholders’ representatives to support an informed voting decision. The meeting, held in hybrid format, was rescheduled from 20 June 2025 after technical issues in quorum counting, with Kiatnakin Phatra Bank PCL and Siam Commercial Bank PCL (as bondholders’ representatives) jointly agreeing with EA to cancel the prior meeting. Quorum will be counted separately by seven bond groups, while voting on Agenda Items 2 to 4 will be counted jointly across all attending and voting bondholders if Agenda Item 1 is approved by each bondholder group. The agenda covers (i) an exemption to allow joint vote counting for Agenda Items 2 to 4 and related quorum counting by bond groups, (ii) an exemption for non-compliance with terms on closing the bondholder register and calling the meeting less than seven days in advance, (iii) extending maturities of all 14 series by seven years with a 0.50 percent per year interest rate increase during the extension and principal repaid in seven annual installments (10 percent in each of installments 1 to 6 and 40 percent in installment 7), with an option for early redemption during the extended period, and (iv) an exemption from an event of default for the restructuring proposal for 11 series (EA257A, EA259A, EA261A, EA269A, EA279A, EA281A, EA289A, EA299A, EA301A, EA329A and EA331A). The SEC also requires the bondholders’ representatives to analyze benefits, shortcomings, and potential impacts on bondholders under both approval and rejection scenarios, with supporting reasons and the representatives’ opinions.
Thailand Securities & Exchange Commission 2025-06-25
Thailand Securities and Exchange Commission urges Energy Absolute bondholders to scrutinize proposals ahead of 27 June vote on restructuring 14 bond series
The Thailand Securities and Exchange Commission urges holders of 14 Energy Absolute Public Company Limited bond series to review information and exercise their rights at the rescheduled bondholders’ meeting on 27 June 2025. The agenda includes exemptions for joint vote counting, non-compliance with meeting notice terms, and a proposed seven-year maturity extension with interest rate adjustments. Bondholders’ representatives must analyze the implications of the restructuring proposal.