Thailand Securities and Exchange Commission urges NRF254A bondholders to scrutinize proposals including a two-year maturity extension and coupon increase

Thailand Securities and Exchange Commission (SEC) published a notice urging holders of NR Instant Produce Public Company Limited’s NRF254A bond to review all available information and exercise their rights at the upcoming bondholders’ meeting, which will vote on multiple requested waivers and amendments to the bond terms. The electronic Bondholders’ Meeting No. 2/2025 is scheduled for 28 February 2025 at 10:00 and will consider, among other items, waivers for event-of-default triggers related to meeting and register procedures, permission to reuse the bondholder list from Bondholders’ Meeting No. 1/2025, extending maturity by two years to 20 April 2027, increasing the interest rate from 6.75 percent per year to 7.25 percent per year during the extended period, and changing principal repayment to two installments with 10 percent due on 20 April 2025 and the remainder due at the extended maturity. The agenda also includes waivers and consents relating to mortgaging company assets to secure loan repayment and mortgaging assets to financial institutions for broader purposes including refinancing, relief negotiations, or debt restructuring. The SEC requires the bondholders’ representative to analyze the benefits, shortcomings, and potential impacts on bondholders of approving or rejecting each item, with supporting reasons and the representative’s opinion, and encourages bondholders to raise questions with the representative and issuer before voting.