Cho Thavee Public Company Limited (CHO), the issuer of CHO212A, CHO21OA, CHO228A and CHO229A bonds, convened a bondholders’ meeting on 1 April 2025 but failed to meet the quorum required under the terms and conditions for certain bond series and certain agenda items. As a result, the company will re-convene the bondholders’ meeting electronically on 10 April 2025 at 14.00 hours to consider the following matters:   

    (1) Granting an exemption from an event of default for the bond issuer’s unable to maintain the Interest-Bearing Debt to Equity Ratio not exceeding 5:1 as of 31 December 2024 (applicable only to CHO21OA series);    

    (2) Granting an exemption from an event of default in the event that the bond issuer defaults on any debt obligation (whether a single debt or multiple debts) exceeding a total of 300 million baht (applicable only to the CHO210A series);  

    (3) Granting an exemption from an event of default under the terms and conditions for the bond issuer's engagement in debt restructuring negotiations and the proposal for the bondholders' meeting approval to extend the maturity date by two years, which constitutes a deferral or modification of the debt repayment schedule (applicable only to the CHO228A and CHO229A series);   

    (4) Approving the cancellation of the requirement to maintain the Interest-Bearing Debt to Equity Ratio (applicable only to the CHO21OA, CHO228A, and CHO229A series);

    (5) Granting an exemption from an event of default under the terms and conditions for the bond issuer’s failure to pay interest due on 17 March 2025, by allowing the new interest payment date to be 30 April 2025, and approving the cancellation of immediate bond maturity and default interest as specified in the bondholder representatives’ documentation;    

    (6) Granting an extension to the bond maturity period by additional two years, with the new maturity date set for 15 June 2027;   

    (7) Granting a partial interest payment at the rate of 5.0 percent per year, with the remaining interest deferred from 15 June 2025. The deferred interest shall be payable on the maturity date or upon early redemption date, as applicable. (The interest rate was 7.75 percent per year for the CHO212A and CHO21OA series, and 7.25 percent per year for CHO228A and CHO229A series).

The SEC requires that the bondholders’ representatives 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 the opinions of the bondholders’ representatives. 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 bondholders’ representatives to obtain comprehensive information before making a voting decision at the bondholders’ e-meeting.

Remark:
Globlex Securities Co., Ltd. serves as the bondholders’ representative for the CHO212A bond, and Asia Plus Securities Co., Ltd. serves as the bondholders’ representative for the CHO21OA, CHO228A and CHO229A bonds. All four series are due on 15 June 2025.