The Thailand Securities and Exchange Commission has urged bondholders in 12 series of bonds issued by Grande Asset Hotels and Property Public Company Limited to review available information and exercise their voting rights at electronic bondholders’ meetings on 11 December 2025, where amendments to bond terms and potential exemptions from events of default will be considered. For 11 series, proposals include extending maturities by two years, increasing interest by 0.15 percentage points per year during the extension, and shifting from bullet repayment to instalment principal repayments. Other proposed changes include removing the minimum principal repayment per instalment, cutting the notice period for early redemption from at least 30 days to at least three days, and revising collateral release and redemption rights for certain secured series, alongside cancelling the issuer’s obligation to maintain a credit rating and adjusting collateral valuation review frequency. Bondholders will also vote on exemptions from events of default related to the issuer’s net debt-to-equity ratio from fiscal year-end and fourth quarter 2025 through fiscal year 2027, and exemptions for certain bond series defaults from being counted as defaulted debt. For the GRAND25OA series, proposals include a two-year maturity extension, a 0.30 percentage point annual interest increase during the extension, instalment repayments, an exemption for non-payment of THB 176.575 million due on 14 October 2025 with cancellation of related call default and enforcement actions, and aligned covenant and collateral-related amendments. The SEC requires the bondholders’ representative, Daol Securities (Thailand) Public Company Limited, to analyse the benefits, shortcomings, and potential impacts on bondholders of approving or rejecting the proposals with supporting reasons, and it encouraged bondholders to seek comprehensive information from the issuer and representative before voting. The 11 series meetings are scheduled for 10:00 hours and the GRAND25OA meeting for 14:00 hours.
Thailand Securities & Exchange Commission 2025-12-04
Thailand Securities and Exchange Commission urges GRAND bondholders to assess proposed maturity extensions and default waivers ahead of 11 December meetings
The Thailand Securities and Exchange Commission urges bondholders of Grande Asset Hotels and Property Public Company Limited to review proposals for bond term amendments at electronic meetings on 11 December 2025. Key changes include maturity extensions, interest rate increases, and adjustments to repayment structures and collateral terms. Bondholders should seek detailed information from the issuer and representative, Daol Securities (Thailand) Public Company Limited, before voting.