Thailand Securities and Exchange Commission urges CV251A bondholders to vote on one-year maturity extension, higher interest and covenant waivers

The Thailand Securities and Exchange Commission published an update ahead of Clover Power Public Company Limited’s electronic bondholders’ meeting for CV251A bonds on 8 January 2025, urging bondholders to review the materials and exercise their rights on proposed amendments to the bond terms and waivers of default-related provisions. Bondholders will consider extending the redemption maturity by one year to 21 January 2026, increasing the interest rate from 6.25 percent per year to 6.50 percent per year over the extended period, and making a partial principal repayment of 25 percent on 21 July 2025 with the remaining balance due on the extended maturity date. The agenda also includes waiving an event of default tied to the issuer’s debt restructuring negotiations with financial institutions and waiving the requirement to maintain a net debt-to-equity ratio at the end of the 2024 fiscal year without triggering an event of default. The SEC requires the bondholders’ representative, Dao Securities (Thailand) Public Company Limited, to provide bondholders with an analysis of benefits, shortcomings and potential impacts under both approval and non-approval scenarios, alongside the representative’s opinion.