Thailand Securities and Exchange Commission urges PRIME bondholders to assess proposed one year maturity extension and revised repayment terms before 25 February vote

The Thailand Securities and Exchange Commission (SEC) published a supervisory notice urging bondholders in four Prime Road Power Public Company Limited bond series to review all available information, exercise their rights at the upcoming bondholders’ meeting, and seek comprehensive details from the issuer or bondholders’ representatives before voting. Prime Road Power will hold an electronic Bondholders’ Meeting No. 1/2025 on 25 February 2025 to consider a package of amendments covering PRIME253B, PRIME253A, PRIME25DA and PRIME25DB. Agenda items include granting a waiver from an event of default in situations where the issuer proposes changes to repayment conditions or schedules, extending each bond’s maturity by one year, and revising principal repayment to two instalments with the first instalments totalling 30 percent of bond value (PRIME253B and PRIME253A by 31 July 2025, PRIME25DA by 2 December 2025, and PRIME25DB by 8 December 2025) and the balance due on the extended maturity dates. The proposals also include increasing the interest rate by 0.50 percent per year during the extended period and amending PRIME253A and PRIME25DA terms to allow the issuer to redeem the bonds before maturity. The SEC requires bondholders’ representatives to analyse the benefits, shortcomings, and potential impacts on bondholders if the proposals are approved or rejected, including supporting reasons and the representatives’ opinions, and encourages bondholders to review that analysis and make necessary inquiries before voting at the e-meeting.