Reference is made to the event where the bonds of Destination Resorts Co., Ltd. experienced a default, and the bondholders' representative called for the DR212A and DR20DA bonds to be due immediately, followed by legal action filed against the company in the Bangkok South Civil Court, which has been accepted by the court. The company will therefore convene the Bondholders' Meeting No. 1/2024 electronically on 24 May 2024 to consider the cases of DR212A and DR20DA bonds at 14.00 hours and 15.30 hours, respectively. The e-meeting’s agenda contains subject matters for consideration as follows:
Agenda Item 1: Consideration for approval:
(1) Debt restructuring by dividing the principal repayment into two installments of 50 percent each. The first installment will be paid on 30 April 2025, and the second installment will be paid on 30 October 2025, together with the accrued interest at an annual rate of 8.50 percent;
(2) During the installment periods for the bond redemption, the company will pay for the default interest at an annual rate of 8.50 percent. The interest will be paid every three months, starting from 15 August 2024 for DR212A bonds and on 19 June 2024 for DR20DA bonds.
Agenda Item 2: Consideration and approval of the authorization for the bondholders' representative to enter into a settlement agreement with the company in court, according to the terms approved by the Bondholders' Meeting in Agenda Item 1.
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: DAOL Securities (Thailand) Public Co., Ltd. is the bondholders’ representative for DR212A and DR20DA bonds.