The Thailand Securities and Exchange Commission (SEC) published a notice urging holders of the GRAND25OA bond issued by Grande Asset Hotels and Property Public Company Limited (GRAND) to review all available information and exercise their voting rights at an electronic bondholders’ meeting on 19 November 2025, where a package of waivers and amendments to the bond terms will be considered. The SEC also requires the bondholders’ representative to assess the benefits, shortcomings and potential impacts on bondholders of approving or rejecting the proposals, with supporting reasons. The agenda includes seeking an exemption from an event of default to use the bondholders’ register closure date for the 29 September 2025 interest payment as the record date for meeting eligibility. Bondholders will vote on restructuring the bonds by extending maturity by two years to 12 October 2027, increasing the interest rate by 0.30 percentage points from 7.35 percent per year to 7.65 percent per year for the extended period, and changing principal repayment from a single bullet payment to installment repayments. A further item seeks an exemption from an event of default for the issuer’s failure to repay THB 176.575 million of principal on 14 October 2025 and to cancel the call default requirement and foreclosure actions referenced in the bondholders’ representative’s 15 October 2025 letter, along with related actions. Additional proposed amendments cover early redemption and collateral release mechanics, including removing the minimum principal amount per repayment, shortening notice for early redemption from at least 30 days to at least three days, expanding the issuer’s discretion over which collateral to redeem or release (including where real estate value has increased), extending collateral appraisal intervals from 12 to 24 months, and removing the obligation to maintain a credit rating and submit rating review reports.

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