Siamnuwat
Co., Ltd., the issuer of SNW231A, SNW224A and SNW233A bond
series, will electronically convene the Bondholders’ Meeting No. 1/2025 on 10
October 2025 at 14.00 hours to consider the following matters:
(1) Approving the extension of the
maturity dates for redemption of all three bond series for one year and six
months, starting from the original maturity dates;
(2) Approving partial repayments
of the bond principals in an aggregate amount of not less than 10 percent of
the principal value of each bond series as of the bond issuance dates. The
partial principal repayments will be made within one year from the original maturity
dates, and the remaining principals will be repaid on the extended maturity
dates;
(3) Approving partial interest payments
at the rate of 7.00 percent per year (reduced from the previous rate of 8.50
percent per year) over a period of nine months from the original maturity date
of each bond series. The remaining 1.50 percent per year interest will be
deferred, and the deferred interest will be calculated and paid on the new
extended maturity dates or on the date of early redemption of the entire bond
series;
(4) Approving an exemption from
an event of default under the terms and conditions for the company’s inability to
comply with the financial covenant requiring the maintenance of the
interest-bearing debt to equity ratio not exceeding 5:1, which will appear in
the annual financial statements for 2025 and 2026;
(5) Approving other actions
related to the bond series, with details as follows:
- Granting an exemption from an
event of default under the terms and conditions for the issuer’s proposal at
the Bondholders’ Meeting No. 1/2025 to revise the repayment terms for SNW231A,
SNW224A, and SNW233A bond series, with a total outstanding principal amount of 497.5
million baht;
- Granting an exemption from an event of default
under the terms and conditions for the issuer's negotiation or entry into any
agreement for debt restructuring with one or multiple creditors, either before or
within one year from the date of the Bondholders' Meeting No. 1/2025 (if
applicable).
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 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 bondholders’ representative to obtain comprehensive information
before making a voting decision at the bondholders’ e-meeting.
Remark:
* Daol Securities (Thailand) Public Company Limited serves as the bondholders’ representative for the three bond series, i.e.,
- SNW231A bond due for redemption on 27 October 2025;
- SNW224A and SNW233A bonds due for redemption on 2 December 2025.