SABUY will convene the Bondholders’ Meeting No. 2/2024 for SABUY24DA, SABAY254A and SABUY258A bonds, and the Bondholders’ Meeting No. 1/2024 for  SABUY263A bonds, electronically on 12 December 2024 at 10.00 hours and 13.00 hours, respectively. The meetings contain matters for consideration of approval as follows:   

Regarding SABUY24DA and SABUY254A bonds:  

    (1) A waiver on non-payment of the SABUY258A interest on 18 November 2024, where the non-payment of the principal and the interest of the bonds shall not constitute an event of default under the terms and conditions; 

    (2) An extension of the maturity date for redemption for three years;   

    (3) A reduction of interest rate to 2-7 percent per year, from 20 November 2024 until the new maturity date.  

Regarding SABUY258A and SABUY263A

    (1) A waiver to enter into negotiations for restructuring loan debts with financial institutions and to propose to the bondholders' meeting an extension of the bond maturity date by additional three years. This would constitute a deferral of debt repayment, including postponing or modifying the debt payment schedule, and should not be considered an event of default under the terms and conditions; 

    (2) A waiver of the obligation to maintain the net debt-to-equity ratio throughout the term of the bonds; 

    (3) A waiver of the terms and conditions to allow the bond issuer to negotiate or enter into any agreements with creditors for debt restructuring without it being considered an event of default under the terms and conditions, from 20 November 2024 to 30 December 2025. 

    (4) A waiver of the non-payment of interest for the SABUY258A bonds on 18 November 2024, and for the non-payment of principal and interest on the bonds to not be considered an event of default under the terms and conditions. This includes the cancellation of immediate payment due of the SABUY258A bonds;

    (5) A waiver of maintaining the collateral-to-bond value ratio at a minimum of 1.5:1, as well as a waiver of the requirement to provide additional replacement assets as collateral if the ratio falls below 1.5:1, from 20 November 2024 to 30 December 2025 (SABUY263A);

    (6) An extension of the maturity date for redemption for three years (SABUY258A);

    (7) A change to the interest rate for each period to 2-7 percent per year, effective from 20 November 2024 until the new maturity date (SABUY258A); 

    (8) A reduction of the interest rate to 2 percent per year, from 12 December 2024 until the maturity date (SABUY263A).

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.        

Remark: Asia Plus Securities Co., Ltd. is the bondholder representative for all four tranches of SABUY bonds. SABUY24DA bond is due for redemption on 30 December 2024, SABUY254A bond on 7 April 2025, SABUY258A bond on 17 August 2025, and SABUY263A bond on 21 March 2026.