Grande
Asset Hotels and Property Public Company Limited (GRAND), the issuer of
GRAND25OA bond, will electronically convene the Bondholders’ Meeting No. 3/2025
on 19 November 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 using the
bondholders’ register closure date for interest payment on 29 September 2025 as
the record date for determining the bondholders entitled to attend this meeting.
(2) Approving the
following actions:
(2.1) Revising
the structure and terms and conditions of the bonds, as detailed below:
(a) Extending the maturity
period for the bond redemption by two years, to be due on 12 October 2027;
(b) Increasing
the interest rate by 0.30 percent per year, from 7.35 percent per year to 7.65
percent per year throughout the extended maturity period.
(c)
Repaying the principal in installments according to the specified schedule and
proportions, instead of making a single repayment on the original maturity
date.
(2.2) Granting an
exemption from an event of default under the terms and conditions for the
issuer's failure to repay the principal amount of 176.575 million baht on 14 October
2025, the bond maturity date, and canceling the call default requirement and
the foreclosure actions stated in the bondholder representative's letter dated 15
October 2025, together with any other related actions undertaken by the
bondholders’ representative;
(3) Proposing revisions to the criteria for early bond redemption
and collateral release under the terms and conditions, with details as follows:
(3.1) Revising the minimum
principal amount for each repayment, from not less than 10 percent with
increments of 5 percent of the bond’s par value as of the issuance date, to no
minimum amount requirement;
(3.2) Revising the conditions
requiring the bond registrar to notify bondholders in advance of the issuer's
exercise of early redemption rights, by reducing the advance notice period and
procedures from not less than 30 days to not less than three days before the intended
early redemption date;
(3.3)
Revising the bond issuer's rights regarding collateral redemption or release,
by allowing the bond issuer to choose any type of collateral for redemption or
release as deemed appropriate, whether in cases of early bond redemption, partial
principal repayment, or bond buyback from the secondary market, and adding the
right for the bond issuer to redeem or release collateral when the value of
real estate property has increased.
(4) Proposing to revise the bond
issuer's covenants under the terms and conditions to reduce the company's
operating expenses, with details as follows:
(4.1)
Revising the review period for real estate collateral valuation by extending
the required appraisal interval from within 12 months to within 24 months from
the date of the most recent property appraisal;
(4.2) Canceling the
bond issuer's obligation to maintain a credit rating throughout the bond's term
and to submit credit rating review reports.
(5) Ratifying that the
bond issuer's covenants will apply to the GRAND25OA bonds, subject to the
condition that the bondholders' meeting approves the extension of the maturity
date under item (2).
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 GRAND25OA bond, to be due on 12 October 2025.