Bangkok, 12 January 2024 – The Securities and Exchange Commission (SEC) encourages the bondholders of five tranches of ITD bonds, namely 1) ITD242A, 2) ITD24DA, 3) ITD24DB, 4) ITD254A, and 5) ITD266A, to study all available information, exercise their rights at the upcoming bondholders’ meeting, and reach out to the bond issuer or the bondholder representative to obtain comprehensive and sufficient details for making an informed voting decision.  

Italian-Thai Development Public Company Limited (ITD), the issuer of ITD bonds, will convene the bondholders’ electronic meeting No. 1/2567 on 17 January 2024 at 14.00 hours. The e-meeting’s agenda contains subject matters for consideration as follows:

        Agenda Item 1: Consideration for approval of a waiver of the debt-to-equity ratio (D/E Ratio), as specified in the Terms of Rights, effective from the end of the fiscal year of 2023 until the end of the fiscal year of 2025, and for allowing the issuer to enter any negotiations or contracts with creditors for debt restructuring without being considered as a cause of default under the Terms of Rights;
          Agenda Item 2: Consideration for approval of an extension of the maturity dates of the bonds for additional two years and:
          (a) an increase in the interest rates of the bonds by 0.25% per annum (for one year from the day following the original maturity dates); and
          (b) an increase in the interest rates of the bonds by 0.50% per annum (from the day following the completion of one year from the original maturity dates until the new extended maturity dates). A one-time payment of the entire accrued interest will be paid on the new extended maturity dates.

The SEC requires that the bondholder representative analyze the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons, and clearly provide information to the bondholders together with the opinions of the bondholder representative. The bondholders are, therefore, encouraged to thoroughly review the information and exercise their rights to protect their own interests. They should also make necessary inquiries to the bondholder representative to obtain complete information before making an informed decision at the bondholders’ e-meeting.   

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Note: Bank of Ayudhya Public Company Limited is the bondholder representative of ITD242A, ITD24DA, ITD24DB, ITD254A and ITD266A.