Thailand Securities and Exchange Commission urges MJD 263A and MJD 265A bondholders to assess proposed maturity extension and repayment changes before the 30 October vote

The Thailand Securities and Exchange Commission issued an investor notice urging holders of Major Development Public Company Limited’s MJD 263A and MJD 265A bonds to review all available information, seek clarifications from the issuer or the bondholders’ representative, and exercise their rights at the reconvened bondholders’ meeting scheduled for 30 October 2025. The initial Bondholders’ Meeting No. 1/2025 held on 21 October 2025 did not meet quorum requirements for certain agenda items. The agenda for the 30 October 2025 electronic meeting includes proposals to extend each bond’s maturity by three years, increase the interest rate by 0.30 percent per year during the extended period, and amend principal repayment terms to three instalments of at least 20 percent, at least 30 percent, and the remaining balance, with such instalments not treated as early redemption. Bondholders will also consider an exemption from an event of default to allow the issuer to seek approval for these amendments and to negotiate potential debt restructuring with financial institutions or other creditors where total aggregate debt exceeds THB 400 million (or the equivalent in other currencies), alongside changes to early redemption terms including removing minimum principal amounts per repayment and cancelling early redemption fees for MJD 25 OA, MJD 25 OB, MJD 263A, MJD 265A and MJD 26 OA bond series. The SEC required the bondholders’ representative to analyse the benefits, shortcomings and potential impacts on bondholders of approving or rejecting the proposals, with supporting reasons and the representative’s opinion, and encouraged bondholders to review this analysis and make further inquiries before voting.