The Thailand Securities & Exchange Commission issued a notice urging holders of Clover Power Public Company Limited’s CV251A bond to review available information, exercise their rights at the upcoming bondholders’ e-meeting, and seek clarification from the issuer or the bondholder representative before voting. The 20 January 2025 e-meeting will consider proposals including waivers so certain procedural failings are not treated as events of default, use of the same eligible bondholder list as the prior meeting, a one-year maturity extension to 21 January 2026, a 1 percentage point coupon step-up to 7.25 percent per year during the extended period, a repayment of 50 percent of principal on 21 July 2025 with the remainder due at the extended maturity, and a waiver so non-payment of principal due on 21 January 2025 is not treated as an event of default. The SEC also requires the bondholder representative to provide bondholders with an analysis of benefits, shortcomings, and potential impacts of approving or rejecting the proposals, together with the representative’s opinion.
Thailand Securities & Exchange Commission 2025-01-15
Thailand Securities & Exchange Commission urges CV251A bondholders to review information ahead of vote on maturity extension and default waivers
The Thailand Securities & Exchange Commission urges holders of Clover Power Public Company Limited’s CV251A bond to review information and exercise their rights at the bondholders’ e-meeting on 20 January 2025. Key proposals include procedural waivers, a one-year maturity extension, a coupon step-up to 7.25% per year, and partial principal repayment. The SEC mandates the bondholder representative to analyze the proposals' benefits, shortcomings, and impacts.