Thailand Securities and Exchange Commission urges Italian-Thai Development bondholders to vote on covenant waivers and three-year maturity extensions at 16 January meeting

The Thailand Securities and Exchange Commission published an investor alert urging holders of five Italian-Thai Development Public Company Limited (ITD) bond series to exercise their rights and review all relevant information ahead of the issuer’s Bondholders’ Meeting No. 1/2026 on 16 January 2026, which will be held as an electronic meeting. Bondholders will consider waivers so specified matters do not constitute events of default until bond maturity, including waiving the debt-to-equity ratio covenant, waiving obligations to conduct and report credit rating reviews, and (for ITD24DA, ITD24DB, ITD254A and ITD266A) waiving restrictions on negotiating debt restructuring arrangements with creditors. The agenda also includes amending principal and interest terms for ITD242A, ITD24DA, ITD24DB, ITD254A and ITD266A by extending each series’ maturity by three years, repaying principal in four installments (10% of the outstanding amount as of the original maturity date in each of the first three installments and the remaining balance in the fourth), increasing interest during the extension period by 0.25% per annum in years 1–2 and 0.50% per annum in year 3 with additional interest payable as a lump sum on the new maturity date or upon early redemption, and granting the issuer a call option for early redemption of all or part of the bonds. The SEC instructed the bondholders’ representative, Bank of Ayudhya Public Company Limited, to provide a clear analysis of advantages, disadvantages, benefits and potential impacts of approving or rejecting the proposals, and urged bondholders to seek clarification from the representative before voting at the 14:00 e-meeting.