SABUY convened the Bondholders’ Meeting No. 2/2024 for SABUY24DA, SABAY254A and SABUY258A bonds, and the Bondholders’ Meeting No. 1/2024 for SABUY263A bond on 12 December 2024 at 10.00 hours and 13.00 hours, respectively. However, the meetings for SABUY254A, SABUY258A and SABUY263A bonds failed to achieve the required quorum under the terms and conditions of the bonds for certain agenda items. Consequently, the company will reconvene the bondholders’ meeting on 20 December 2024 at 14.00 hours via an electronic channel (e-meeting) to consider the following matters:
Regarding SABUY254A and SABUY258A bonds:   

(1) An extension of the maturity period for bond redemption for three years;   

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

(3) 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, and a cancellation of immediate payment obligation of SABUY258A bond.   

Regarding SABUY263A bonds:

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

(2) 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;

(3) 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; and

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

The SEC requires that the bondholders’ 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 bondholders’ 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 bondholders’ representative for all three tranches of SABUY bonds. SABUY254A bond is due for redemption on 7 April 2025, SABUY258A bond on 17 August 2025, and SABUY263A bond on 21 March 2026.