The Thailand Securities and Exchange Commission (SEC) has published an update on Prime Road Power Public Company Limited’s plan to hold an electronic bondholders’ meeting for four bond series on 9 December 2025. Bondholders will be asked to approve a package of waivers and amendments covering events of default, repayment scheduling and other terms for PRIME253A, PRIME253B, PRIME25DA and PRIME25DB. Items for consideration include waiving specified events of default and cancelling related call default actions, including in relation to missed partial principal repayments of at least 30 percent of par value (plus interest) and a cross-default threshold exceeding THB 300 million. The issuer is also seeking approval to reschedule the partial principal repayments to 27 February 2026 (from 28 November 2025 for PRIME253A/PRIME253B, from 2 December 2025 for PRIME25DA, and from 8 December 2025 for PRIME25DB), with a special return of 2 percent per year during the postponement periods. Further proposed amendments include cancelling the early redemption fee and adding an obligation to apply guarantee funds held with GREENYELLOW CHSPP Pte Ltd. (a THB 102.97 million bank guarantee posted as performance security for a solar power plant project) to repay bondholders pro rata by outstanding principal if the funds are received due to the purchaser failing to pay the first instalment on the closing date. For PRIME253A only, the company also seeks approval to defer part of the interest due on 10 December 2025 (at 6 percent per year) until 27 February 2026 (or any partial early redemption date), with an additional 2 percent per year return on the deferred interest, alongside a waiver of the associated event of default and cancellation of related representative actions. The SEC requires bondholders’ representatives to analyse benefits, shortcomings and potential impacts for bondholders under both approval and non-approval scenarios, with supporting reasons and their opinions. Bondholders are encouraged to review the information and consult the representatives ahead of voting at the e-meeting.
Thailand Securities & Exchange Commission 2025-12-03
Thailand Securities and Exchange Commission outlines Prime Road Power bondholders’ vote on default waivers and repayment deferrals
The Thailand Securities and Exchange Commission announced an electronic bondholders' meeting for Prime Road Power Public Company Limited on 9 December 2025, seeking approval for waivers and amendments to four bond series. Key proposals include rescheduling partial principal repayments, waiving events of default, and applying guarantee funds to repay bondholders. Bondholders are urged to consult representatives to assess the implications before voting.