The Securities and Exchange Commission (SEC) encourages the NWR24NA and NWR255A bondholders to study all available information, exercise their rights at the upcoming bondholders’ meeting, and reach out to the bond issuer or the bondholder representatives to obtain comprehensive and sufficient information for making an informed voting decision. The bondholders’ meeting will be held on 13 September 2024.
Nawarat Patanakarn Public Company Limited (NWR), the issuer of NWR24NA and NWR255A bonds, will convene the bondholders’ meeting No. 1/2024 electronically on 13 September 2024 at 10.00 hours. The e-meeting’s agenda contains matters for consideration as follows:
Agenda item 1: Exemption of an event of default under the terms and conditions of the bonds for the bond issuer’s failure to maintain the Net Debt to Equity Ratio of 3.25:1 according to the consolidated financial statements ending 30 June 2024;
Agenda item 2: Cancellation of the bond issuer’s duty to maintain the Net Debt to Equity Ratio throughout the bonds’ term according to the terms and conditions of the bonds;
Agenda item 3: Revision to the terms and conditions to allow the bond issuer to negotiate or enter into any contract with the creditors to restructure debts, without being considered an event of default according to the terms and conditions of the bonds;
Agenda item 4: Extension of the maturity dates for the bonds for another two years and an increase of the interest rate by 0.5% per year for both bond series, resulting in 7.40% per year for the NWR24NA bonds and 7.45% per year for the NWR255A bonds, throughout the extended maturity periods of the bonds.
The SEC requires that the bondholder 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 clearly provide information to the bondholders together with the opinions of the bondholder 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 bondholder representative to obtain complete information before making an informed decision at the bondholders’ e-meeting.
_______________________
Remark: 1) Asia Plus Securities Co., Ltd. is the bondholder representative for NWR24NA bonds due for redemption on 9 November 2024, and 2) BlueBell Securities Co., Ltd. is the bondholder representative for NWR255A bonds due for redemption on 12 May 2025.
