The Thailand Securities & Exchange Commission published a notice that Sahakol Equipment Public Company Limited will hold a hybrid bondholders’ meeting on 24 September 2025 for six bond series to vote on a package of debt restructuring measures. The agenda includes requests for exemptions from events of default and cancellation of any immediate maturity of outstanding bonds, alongside proposals to extend maturities, shift principal repayment to instalments and increase interest rates. For SQ256A, SQ266A, SQ275A and SQ285A, bondholders will be asked to waive defaults tied to debt restructuring actions exceeding THB 700 million, including the June 2025 approval to defer and adjust terms on SQ256A (THB 550 million) and a 9 June 2025 loan amendment extending repayment of a THB 300 million facility, and to cancel actions by the bondholders’ representative and any demands for default interest linked to such defaults. For SQ25NA, SQ25NB, SQ266A, SQ275A and SQ285A, proposals include extending maturities by one year to two years and nine months and repaying principal in series-specific instalments (two to four tranches with specified percentage splits). Across all six series, the issuer seeks approval for a broader bond restructuring proposal of THB 1,735.70 million and a one-year window to restructure debt with financial institutions and other creditors, coupon increases (including two-step increases for SQ25NA, SQ25NB, SQ266A and SQ275A leading to 6.50% per year), the addition of call options, and removal of the requirement for periodic credit rating reviews. The SEC required the bondholders’ representative to analyse the benefits, shortcomings and potential impacts on bondholders under both approval and rejection scenarios, and encouraged bondholders to review the information and make enquiries before voting.
Thailand Securities & Exchange Commission 2025-09-22
Thailand Securities & Exchange Commission highlights Sahakol Equipment bondholder vote on default waivers, maturity extensions and higher coupons
The Thailand Securities & Exchange Commission announced a hybrid bondholders’ meeting for Sahakol Equipment Public Company Limited on 24 September 2025 to vote on debt restructuring for six bond series. Proposals include waiving defaults, extending maturities, shifting principal repayments to instalments, and increasing interest rates. The SEC mandated the bondholders’ representative to assess the restructuring implications and urged bondholders to review the information before voting.