The Thailand Securities and Exchange Commission (SEC) issued an investor notice urging TPOLY253A bondholders to review all available information, seek clarifications from the issuer or the bondholders’ representative, and exercise their rights at the upcoming bondholders’ e-meeting on proposed amendments to the bond terms. At the meeting, Thai Polycons Public Company Limited will ask bondholders to approve a waiver of an event of default linked to not meeting required timing for closing the bondholders’ register and issuing meeting notices. Bondholders will also vote on extending the redemption maturity by 11 months to 11 February 2026, increasing the interest rate from 5.25 percent per year to 6.25 percent per year during the extension, changing principal repayment to two instalments (10 percent by 11 June 2025 and the remainder on the extended maturity date), and allowing liquidation of collateral to repay principal, interest, or fees. The SEC also requires the bondholders’ representative to analyse the benefits, shortcomings, and potential impacts on bondholders under both approval and non-approval outcomes, with supporting reasons and the representative’s opinion. The electronic bondholders’ meeting is scheduled for 11 March 2025 at 10.00.
Thailand Securities & Exchange Commission 2025-03-06
Thailand Securities and Exchange Commission urges TPOLY253A bondholders to review default waiver and restructuring vote including maturity extension to February 2026
The Thailand SEC advises TPOLY253A bondholders to review information and join an e-meeting on proposed bond term amendments. Thai Polycons Public Company Limited seeks approval to waive a default event, extend maturity by 11 months, increase the interest rate, alter repayment terms, and permit collateral liquidation. The SEC mandates the bondholders’ representative to evaluate these changes' implications.