Energy Absolute Public Company Limited (SET: EA) announced an agenda for its upcoming Bondholder Meeting on 9 August 2024 in which one agenda was a proposal for an extension of the payment date of EA248A for 10 months and 15 days.
EA248A is a 5-year unsecured senior green bond with an issued size of 1,500 million baht and a coupon rate of 3.11% fixed rate. It will mature on August 15, 2024. It was offered to institutional investors or hgh net worth investors back in 2019.
EA said that this does not result in a default and will pay an annual 1.89% interest rate on top to holders from the maturity date.
EA stated that the reason for this postponement was due to 1) a credit rating downgrade to BB+ (Negative) from BBB+ and 2) allegation towards executives for fraud. These led to the company being unable to rollover to refinance EA248A.
Earlier, Energy Absolute Public Company Limited (SET: EA) has announced the postponement of redemption due date of the Bill of Exchange of its two debentures EA24723A and EA24801A.
EA, through a statement in ThaiBMA, has announced the postponement of redemption due date of Bill of Exchange of worth of THB 400 million due July 23, 2024 (EA24723A) and THB 300 million due August 1, 2024 (EA24801A). The new redemption date is August 9, 2024 and the issuer will pay 7.00% interest rate starting from the original redemption date.
Meanwhile, the company is trying to regain investors’ confidence after experiencing a rapid decline following allegations of fraud against two key executives involved in the questionable procurement of equipment from foreign sources.
EA is struggling to refinance its existing debentures after Tris Rating downgraded EA’s rating from BBB+ (negative) to BB+ (negative). The company announced a cancellation of its new issuing debentures that were originally expecting to open for subscription this week.
