Sahakol
Equipment Public Company Limited (SQ) convened the Bondholders’ Meeting No.
3/2025 for SQ25NA and SQ25NB series on
17 October 2025, but the meeting failed to meet the quorum requirement.
Accordingly, the company will reconvene the meeting on 28 October 2025 at 14.00
hours at the company’s Head Office (Meeting Room, 1st Floor), No.
47/10, Soi Amornphan 4, Vibhavadirangsit Road, Lad Yao Subdistrict, Chatuchak District,
Bangkok. The matters for consideration are as follows:
(1) Extending the maturity
periods of both bond series by two years and nine months;
(2) Dividing the principal repayment
into four installments, starting from 5 percent, 10 percent, 35 percent and 50
percent of the principal amount, respectively;
(3) Revising the terms and conditions
to grant the bond issuer the right to redeem the bonds prior to their maturity
dates (call option);
(4) Increasing the bond interest
rates throughout the extended maturity periods in two stages: first, an
increase of 0.50 percent per year from the original rate applicable to each
series; and second, a further increase to 6.50 percent per year;
(5) Imposing additional
obligations on the bond issuer, with details as follows:
- Opening a designated bank
account and deposit funds therein as a reserve for the bond debt repayment,
with the bondholders’ representative having the sole authority to withdraw
funds from the account for the purpose of paying principal amounts due under
the bonds. Any change to the withdrawal authority of such account without prior
consent from the bondholders’ representative shall constitute an event of
default resulting in immediate acceleration of the bond debt;
- Completing the registration of
a business security over the deposit account as collateral for the bond
repayment within 30 days, from the date on which the bondholders’ meeting
passes the approving resolution;
- Completing the registration of
a mortgage over the company’s land and buildings as collateral for bond
repayment in favor of the bondholders’ representative within 30 days, from the
date on which the bondholders’ meeting passes the approving resolution.
(6) Revoking the
resolution of the Bondholders’ Meeting No. 2/2025 convened on 24 September 24
2025, which granted an exemption from the event of default regarding the
request for debt restructuring with financial institutions and/or other
creditors for actions to be taken within a period of one year from the date of
the Bondholders’ Meeting No. 2/2025;
(7) Granting an exemption from
the cross default arising from the issuance of notices demanding the company to
make immediate repayment of debts under certain bond series, and the
requirement for the company to repay such bond debts by 3 October 2025, in an aggregate
amount exceeding 700 million baht;
(8) Granting an
exemption from an event of default for any action or any consequence arising
from any action clarified by the company in the notices convening the
bondholders’ meetings and/or at this bondholders’ meeting, which occurred prior
to and up to the time this bondholders’ meeting passes the approving
resolution.
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’ meeting.
Remarks:
(1) Bank of Ayudhya Public Company Limited is the bondholders’ representative
for both bond series, as follows:
-
SQ25NA series due on 4 November 2025
- SQ25NB series due on 4 November 2025