The Thailand Securities and Exchange Commission (SEC) urged holders of JCK213A bonds issued by JCK International Public Company Limited to review all available information, exercise their rights, and seek sufficient details from the issuer or the bondholders’ representative before voting at a reconvened bondholders’ e-meeting on 21 February 2025. The earlier electronic meeting on 11 February 2025 failed to meet the quorum required under the bond’s terms and conditions. The reconvened meeting (21 February 2025 at 14:00) will consider extending the redemption maturity by two years to 22 March 2027, increasing the interest rate from 7.25 percent to 7.50 percent per year during the extended period, and revising principal repayment to four installments with the first three totaling at least 9 percent of the bond value and the final installment paying the remaining balance at maturity. Bondholders will also vote on canceling collateral redemption and partial principal repayment for mortgage release that had been approved at Bondholders’ Meeting No. 1/2024, and on changes to how collateral redemption value is determined alongside new conditions for cases where the issuer redeems or requests the return of collateralized and/or replacement assets. The SEC also required the bondholders’ representative to analyze the benefits, shortcomings, and potential impacts on bondholders under both approval and non-approval scenarios, including supporting reasons and the representative’s opinions, and encouraged bondholders to make inquiries before deciding how to vote.

Original source View in tracker