SEC urges PRIME bondholders to prepare for the upcoming meeting on 25 February 2025. Topics include default waivers, extending maturity dates, revised repayment schedules, increased interest rates, and bond redemption before maturity. Bondholders should analyze all information and consult representatives before voting.
The Securities and Exchange Commission (SEC) encourages bondholders of four PRIME bond series to review all relevant information thoroughly, exercise their voting rights at the upcoming bondholders’ meeting, and engage with the bond issuer or representatives to obtain clear and sufficient details for an informed decision. The bondholders’ meeting is scheduled for 25 February 2025.
Prime Road Power Public Company Limited (PRIME), the issuer of bonds PRIME253B, PRIME253A, PRIME25DA, and PRIME25DB, will hold Bondholders’ Meeting No. 1/2025 electronically on February 25, 2025, at 2:00 PM. The e-meeting will include the following matters for consideration:
(1) Approving a waiver for an event of default for all four series of bonds when the bond issuer suggests to the bondholders’ assembly alterations to debt repayment terms, modifications to the schedule of debt repayments, or any other debt-related changes;
(2) Prolonging the redemption maturity date for all four bond series by an additional year beyond the original maturity;
(3) Amending the principal repayment timelines for all four bond series to consist of two payments, with the first payment amounting to 30 percent of the bond values, while the second payment will cover the remaining amounts on the extended maturity dates. (The first payment timelines are as follows: PRIME253B and PRIME253A bonds by 31 July 2025, PRIME25DA bonds by 2 December 2025, and PRIME25DB bonds by 8 December 2025;
(4) Raising the interest rate for all four bond series by 0.50 percent per annum from each series’ original rates, throughout the extended maturity periods; and (5) Amending the terms and conditions for two bond series – PRIME253A and PRIME25DA – to allow the bond issuer the authority to redeem the bonds prior to their maturity dates.
The SEC mandates that bondholders’ representatives evaluate both the advantages and disadvantages, as well as the potential impacts on bondholders, in cases of approval or rejection of the aforementioned matters. This analysis must include supporting reasons and the representatives’ opinions. Bondholders are strongly encouraged to carefully review this information and actively exercise their rights to safeguard their interests. Additionally, they should seek clarification from the bondholders’ representatives to obtain complete and accurate information before making a voting decision during the bondholders’ e-meeting.
Source : SEC urges PRIME bondholders to exercise their rights at the upcoming bondholders’ meeting
