JKN Global Group Public Company Limited (SET: JKN) has announced the details of its agenda for the debenture holders’ meeting for the JKN239A Debentures on September 27, 2023, which includes several proposals the company expected to receive approvals from creditors.
The debenture holders’ meeting is to consider the event of default according to the Terms of Rights of JKN239A Debentures and the rectification of such event of default. The agenda includes a proposal to consider and approve (a) extension of the maturity date without constituting an event of default; (b) partial repayment of principal amount of the debentures; (c) increase of the interest rate of the debentures and amendments to the Terms of Rights and any other relevant documents to reflect such amendments; and (d) seeking of waivers for the event of default and exercising of rights to call for immediate debt repayment according to the relevant debentures (call default) under the Terms of Rights in respect of the default of repayment of principal and interest amount on the maturity date of September 1, 2023.
Notably, JKN proposes that the debenture holders consider and approve the extension of the maturity date of JKN239A Debentures from September 1, 2023 to February 23, 2024, and propose that the debenture holders consider and approve the amendment to the Terms of Rights of JKN239A Debentures as well as any other relevant documents to reflect the extension of the maturity date of JKN239A Debentures.
In case where the debenture holders resolve to approve the proposed amendment to the Terms of Rights of JKN239A Debentures to extend the maturity date of JKN239A Debentures, JKN plans to make partial repayment of the principal amount of JKN239A Debentures plus interest amount (at a higher rates, which will be proposed at the meeting) in the amount of THB 19.5 million on December 15, 2023 while the balance of unpaid principal being amounted to THB 432.45 million will be paid by the company on the extended maturity date of JKN239A Debentures on February 23, 2024.
In this respect, the partial repayment of the principal amount of JKN239A Debentures above is not considered as early redemption of the debentures in accordance with Clause 21 of the supplement Terms of Rights of JKN239A Debentures.
If the extension of the maturity date is approved, JKN will propose the increase of the interest rate of JKN239A Debentures from 6.60 percent per annum to 7.00 percent per annum.
JKN also proposes that the debenture holders consider and approve the waivers for the event of default and exercising of rights to call for immediate debt repayment according to the relevant debentures (call default) under the Terms of Rights in respect of the default of repayment of principal and interest amount on the maturity date of September 1, 2023.
As for the other six series of debentures, JKN will convene the debenture holders’ meeting on October 12, 2023 and fix the date to close the debentures holders registry book to determine a list of debenture holders with the right to attend the meeting on September 28, 2023.
