The Thailand Securities and Exchange Commission urged bondholders in 14 series of Energy Absolute Public Company Limited (EA) bonds to review available information and exercise their rights at EA’s electronic Bondholders’ Meeting No. 1/2025 on 20 June 2025, where bondholder waivers and a proposed bond debt restructuring will be put to a vote. Quorum will be counted separately for each bond series issued simultaneously under the same terms and conditions, resulting in seven bondholder groups, while Agenda Items 2 to 4 would be decided by a joint vote across all series only if each group first approves, under Agenda Item 1, a waiver allowing a single resolution. The meeting agenda covers (i) the joint-resolution waiver for Items 2 to 4, (ii) a waiver to allow the bondholders’ register to be closed less than 14 days before the meeting without breaching bond terms, (iii) a restructuring proposal to extend maturity for all 14 series by 11 years with a 0.50 percent per year interest-rate increase during the extension period and principal repaid in 11 annual instalments (10 percent in instalments 1 and 7 to 9, 5 percent in instalments 2 to 6, 15 percent in instalment 10, and 20 percent in instalment 11), with an option for the issuer to redeem all or part of the bonds early during the extension, and (iv) a waiver so the restructuring is not treated as an event of default for 11 specified series (EA257A, EA259A, EA261A, EA269A, EA279A, EA281A, EA289A, EA299A, EA301A, EA329A, and EA331A). The SEC also required bondholders’ representatives to analyse the benefits, shortcomings, and potential impacts on bondholders of approving or rejecting the proposals, with supporting reasons and their opinions, and encouraged bondholders to seek comprehensive information from the issuer or representatives before voting.

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