The Thailand Securities and Exchange Commission (SEC) urged bondholders in four series of Grande Asset Hotels and Property Public Company Limited (GRAND) bonds to review available information, exercise their rights, and seek comprehensive details from the issuer and the bondholders’ representative before voting at the reconvened bondholders’ electronic meeting on 19 December 2025. The earlier meeting for GRAND257A, GRAND259A, GRAND259B and GRAND271A did not meet quorum. Items for approval include restructuring the bonds by extending maturities by two years, increasing interest by 0.15 percentage points per year during the extension, and moving from a single bullet repayment to instalment-based principal repayments. Proposed term changes also include removing the minimum instalment principal repayment requirement, shortening the notice period for early redemption from at least 30 days to at least three days, and revising rights around early redemption or release of collateral where collateral value exceeds specified thresholds (for GRAND257A, GRAND259A and GRAND271A). The package further proposes cancelling the issuer’s obligation to maintain a credit rating and submit rating review reports, extending real estate collateral valuation reviews from 12 to 24 months (GRAND257A and GRAND271A), and changing reporting frequency for common-share collateral valuation from quarterly to semi-annually (GRAND259A and GRAND271A), alongside exemptions covering net debt-to-equity covenant events of default for reporting periods from fiscal year-end and fourth quarter 2025 through fiscal year 2027 and an exemption so defaults on certain series are not counted as defaulted debt under the terms. The SEC requires the bondholders’ representative to analyse the benefits, shortcomings and potential impacts on bondholders for both approval and rejection of the proposals, supported by reasons and the representative’s opinion. Bondholders are encouraged to make necessary inquiries and participate in the 19 December 2025 e-meeting (10:00) before casting votes.
Thailand Securities & Exchange Commission 2025-12-16
Thailand Securities and Exchange Commission urges GRAND bondholders to review proposed two-year maturity extension and covenant waivers ahead of 19 December e-meeting
The Thailand SEC advises bondholders of Grande Asset Hotels and Property to review information and exercise their rights before a reconvened meeting on 19 December 2025. The meeting will address bond restructuring proposals, including extending maturities, adjusting interest rates, and altering repayment terms. The SEC emphasizes the importance of understanding these changes and participating in the decision-making process.