The Thailand Securities and Exchange Commission issued a notice urging holders of Thai Polycons Public Company Limited’s TPOLY26NA bond to review all available information, exercise their rights, and seek sufficient details ahead of an electronic bondholders’ meeting on 24 April 2025. The meeting will vote on a proposed waiver of an event of default and amendments to collateral coverage requirements, with a related temporary increase in the bond’s interest rate. The agenda includes granting a waiver where the company could not arrange for the bondholder registrar to notify the Thai Bond Market Association at least seven days prior to the initial closing date of the bondholder register. Bondholders will also consider revising the minimum collateral coverage ratio for collateral consisting of common shares of TPC Power Holding Public Company Limited and real estate assets (land and buildings), relative to total outstanding bond value, from not less than 1.4 times throughout the bond term to not less than 1.0 time from 15 April 2025 to 15 January 2026, not less than 1.2 times from 15 January 2026 to 15 July 2026, and returning to not less than 1.4 times from 15 July 2026 until maturity; the interest rate would increase from 6.25 percent per year to 6.50 percent per year for the period in which the revised ratios apply (15 April 2025 to 15 July 2026). The SEC required the bondholders’ representative to analyse the benefits, shortcomings and potential impacts on bondholders in both approval and non-approval scenarios, with supporting reasons and the representative’s opinions. Bondholders were encouraged to make inquiries with the issuer and the representative before voting at the e-meeting (10.00 hours).

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