The Thailand Securities and Exchange Commission published an update on TTCL Public Company Limited’s bondholder process for TTCL25OA and TTCL269A after the 16 October 2025 meeting failed to reach quorum. TTCL will reconvene an electronic bondholders’ meeting on 24 October 2025 at 14:00 to vote on proposed exemptions from events of default and related amendments to the bonds’ terms and conditions. Bondholders will first consider exemptions relating to meeting administration requirements, including notifications to close the bondholder register 14 days before the meeting and to notify, or have the registrar notify, the Thai Bond Market Association (ThaiBMA) at least seven days before the first register closing date. If this item is not approved, TTCL will not propose subsequent items covering an exemption from failing to maintain a net debt-to-equity ratio of 3:1 at end-2025, waivers for specified events of default occurring before the reconvened meeting and/or actions within one year after approval (including debt defaults exceeding THB 500 million and debt payment suspensions or restructuring arrangements), and approval to amend bond terms without triggering default. The proposed amendments include extending maturities by six years, allowing up to two additional one-year extensions linked to additional income, increasing the interest rate by 0.50%, introducing a six-installment principal repayment schedule (10.00%, 12.50% for the 2nd–4th installments, 14.00% for the 5th installment, and a 38.5% special installment in case of additional income), and adding quarterly written reporting on additional income progress. The SEC requires the bondholders’ representative to analyse benefits, shortcomings and potential impacts for bondholders under both approval and non-approval scenarios, with supporting reasons and the representative’s opinion. Bondholders are encouraged to review the disclosed information and raise questions with the bondholders’ representative before voting at the e-meeting.
Thailand Securities & Exchange Commission 2025-10-21
Thailand Securities and Exchange Commission notes TTCL will reconvene bondholder e-meeting to seek default waivers and amend TTCL25OA and TTCL269A bond terms
The Thailand Securities and Exchange Commission announced a reconvened electronic bondholders’ meeting for TTCL Public Company Limited on 24 October 2025, following a failed quorum on 16 October. Bondholders will vote on exemptions from events of default and amendments to bond terms, including maturity extensions, interest rate increases, and repayment schedules. The SEC mandates bondholders’ representatives to evaluate the implications of approval or non-approval and encourages bondholders to review the information before voting.