Thailand Securities and Exchange Commission urges TPCH25NA bondholders to review proposed two-year maturity extension and revised repayment terms

The Thailand Securities and Exchange Commission published an advisory to TPCH25NA bondholders ahead of an electronic bondholders’ meeting convened by TPC Power Holding Public Co., Ltd. to vote on amendments to the bond terms. Bondholders are urged to study all available information, exercise their rights at the meeting, and seek comprehensive details from the issuer and the bondholders’ representative before voting. The proposals include extending the bond’s redemption maturity by two years to 30 November 2027 and splitting principal repayment into five instalments, with at least 20 percent in instalment 1, at least 5 percent in instalments 2 to 4, and the remaining balance in instalment 5. If these changes are approved, bondholders would then be asked to consider a 0.75 percentage point increase in the interest rate from 5.50 percent to 6.25 percent for the extended period, and the opening of a dedicated deposit account to accumulate repayment funds, with additional security to be added later by registering a business security agreement over claims on the account in favour of the bondholders’ representative. The SEC also required the bondholders’ representative to analyse the benefits, shortcomings and potential impacts on bondholders in both approval and rejection scenarios, with supporting reasons and the representative’s opinion. The bondholders’ meeting is scheduled for 4 November 2025 at 14:00.