East Coast Furnitech Public Company Limited (ECF), the issuer of ECF255A, ECF255B, ECF256A, ECF246A, ECF262A, ECF265A and ECF28NA bonds, will convene the Bondholders’ Meeting No. 1/2025 electronically on 9 April 2025 at 14.00 hours to consider the following matters:   

(1) Granting an exemption from an event of default under the terms and conditions for the bond issuer's modification of debt repayment terms and/or engagement in debt restructuring negotiations with financial institutions or other creditors, which involve debt exemption, postponement or rescheduling of debt obligations; 

(2) Granting an extension to the maturity periods for six bond series as follows:  

             - For bond series ECF255A, ECF255B, ECF256A and ECF246A: extend the maturity period by one year and six months;  

             - For bond series ECF262A: extend the maturity period by nine months; 

            - For bond series ECF265A: extend the maturity period by six months. 

          (3) Granting an approval for increasing interest rates for six bond series during the extended maturity periods as follows:  

            - For bond series ECF255A, ECF255B, ECF256A, ECF246A and ECF265A: increase the interest rate to 7.50 percent per year from the previous rates of 7.05, 7.30, 7.30, 7.40, and 7.15 percent per year, respectively; 

            - For bond series ECF262A: increase the interest rate to 7.70 percent per year from 7.60 percent per year.      

          (4) Granting an approval for modifying the interest payment schedule from quarterly payments to semi-annual payments;  

          (5) Approving the cancellation of the bond issuer’s obligation to report the results of the company’s credit rating review by waiving the requirement for credit rating review in accordance with the terms and conditions.

For the ECF28NA bond series, the company stated in the meeting invitation that they will not request an extension of the bond maturity date or an adjustment to the bond’s interest rate. This is because the bond series has the latest maturity date among the group, ending on 17 November 2028. Additionally, the interest rate for this series is a step-up rate, which is already set higher than the rates for other bond 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:  

Siam Wealth Securities Co., Ltd. serves as the bondholders’ representative for five bond series, as follows:  

ECF255A bond due for redemption on 11 May 2025

  ECF255B bond due for redemption on 17 May 2025 

  ECF262A bond due for redemption on 17 February 2026 

  ECF265A bond due for redemption on 11 May 2026 

ECF28NA bond due for redemption on 17 November 2028  

Pi Securities Co., Ltd. serves as the bondholders’ representative for ECF256A and ECF246A bonds, both due for redemption on 9 June 2025.