NR Instant Produce Public Company Limited (SET: NRF) has disclosed that, in regard to its debenture issuance No. 1/2022, scheduled for redemption in 2027 and carrying early redemption rights as stipulated by the bondholder agreement (NRF254A), the company has postponed the first principal redemption date.
The debenture in question required repayment of partial principal and remaining interest at a proportion of 74.41%, amounting to THB 208,963,422.54 by April 30, 2025.
NRF has already paid interest on 74.41% of the debenture total, equivalent to THB 16,127,569.71 to its debenture holders.
However, the company was unable to pay a portion of the principal, amounting to THB 195,000,000, to bondholders as scheduled. This constitutes an event of default pursuant to Clause 10.1 (a) of the debenture holders’ rights agreement.
NRF convened Board of Directors Meeting No. 8/2025 on April 30, 2025, resolving to call a bondholder meeting to seek approval for extending the timeline and amending terms and conditions related to principal repayment under the debenture. Should there be any changes to the terms of rights or further details, the company will provide additional notifications.
The NRF254A debenture was issued on October 20, 2022, with maturity scheduled for April 20, 2027. NRF closed its shareholder register on April 8, 2025, and the debenture carried a fixed coupon rate of 7.25% per annum.
NRF stated that the default, or breach of conditions in partial repayment, was principally due to liquidity problems and insufficient operating cash flow, coupled with discrepancies in expected funding sources earmarked for partial principal repayment. Bank of Ayudhya Public Company Limited serves as the bondholders’ representative in this matter.
