Thailand Securities and Exchange Commission published an advisory to holders of 13 series of Energy Absolute Public Company Limited bonds, urging them to study all available information, contact the issuer or bondholders’ representatives for sufficient detail, and exercise their voting rights at the bondholders’ meeting on 9 July 2025. The meeting agenda includes waivers for procedural non-compliance in convening the meeting, including not closing the bondholder register and calling the meeting less than seven days in advance. For eight series, EA259A, EA261A, EA279A, EA281A, EA299A, EA301A, EA329A and EA331A, bondholders will also be asked to grant an event of default exemption to allow EA to modify a restructuring proposal previously presented at Bondholders’ Meeting No. 2/2025, which is treated as a debt payment deferral. Proposed terms for EA279A, EA281A, EA299A, EA301A, EA329A and EA331A, and for EA297A and EA298A, include a five-year maturity extension, an issuer call option, an interest rate increase of 0.50 percent per year throughout the extended period, and principal repayment over five annual instalments of 10 percent for instalments one to four and 60 percent at final maturity. Separate event of default exemptions cover EA257A, EA269A and EA289A for restructuring proposals involving maturity extensions, a call option, interest-rate modifications and partial principal repayment, alongside agenda items to revise proposed maturity extensions from seven years to five years and adopt the five-instalment principal schedule for EA257A, EA259A and EA261A, and to revise EA269A and EA289A to a five-year extension with a call option, a 0.50 percent per year interest increase and a shift from seven to five principal instalments. The meeting will be held in a hybrid format at 13:00 on 9 July 2025. The SEC expects bondholders’ representatives to provide analysis of the benefits, shortcomings and potential impacts on bondholders under both approval and non-approval scenarios, with supporting reasons, and encouraged investors to make inquiries before voting.
Thailand Securities & Exchange Commission 2025-07-07
Thailand Securities and Exchange Commission urges Energy Absolute bondholders to review 13-series restructuring proposals ahead of 9 July meeting
The Thailand Securities and Exchange Commission advised holders of 13 series of Energy Absolute Public Company Limited bonds to review information and exercise voting rights at the bondholders' meeting on 9 July 2025. The agenda includes waivers for procedural non-compliance and requests for event of default exemptions to modify restructuring proposals, including maturity extensions, interest rate increases, and principal repayment schedules. The SEC expects bondholders’ representatives to analyze the implications of approval or non-approval and encourages investor inquiries before voting.