The Thailand Securities and Exchange Commission (SEC) urged bondholders in Energy Absolute Public Company Limited’s EA269A and EA289A bond series to review available information and exercise their rights at a reconvened bondholders’ meeting on 16 July, after the 9 July meeting failed to meet quorum. Bondholders will vote on waiving the issuer’s non-compliance with meeting procedures (not closing the bondholder register and calling the meeting less than seven days in advance), and on waiving an event of default linked to the issuer bringing forward restructuring proposals. The restructuring agenda covers potential changes including extending maturity, granting a call option, modifying interest rates, and deferring or adjusting principal repayment schedules. Subject to approval of the event-of-default exemption, the terms would be amended to revise maturity from seven years to five years, grant a call option, increase the interest rate by 0.50 percent per year, and change principal repayment to five instalments (10 percent in each of instalments 1 to 4 and 60 percent in instalment 5). The SEC requires the bondholders’ representative to assess benefits, shortcomings and impacts on bondholders under both approval and rejection scenarios with supporting reasons, and encouraged bondholders to seek additional details from the issuer or representative before voting. The meeting is scheduled for 10:00 in a hybrid format, in person in Samut Prakan and via electronic media.

Original source View in tracker