PRIME has reported the results of its bondholder meeting, where bondholders voted to extend the debt repayment period by one year, increase the interest rate by 0.5%, and split principal repayments into two installments. The proposal was successfully approved for three bond series, while PRIME253B failed to reach a quorum and has been rescheduled for March 5, 2025.
The bondholders’ meeting covered four debenture series, PRIME253B, PRIME253A, PRIME25DA, and PRIME25DB, with a combined outstanding value of THB 2,050mn. The approved adjustments to the repayment terms include: 1) The redemption deadline for the bonds will be extended by one year from the original maturity date. 2) 30% of the principal will be repaid in the first installment, with the remainder due by the new maturity date. 3) The coupon rate will increase by 0.50% per annum. 4) Bondholders of PRIME253A and PRIME25DA approved an amendment granting the issuer the right to redeem bonds before maturity
However, the meeting for PRIME253B failed to reach a quorum beyond the second agenda item. Consequently, the meeting was adjourned, and a new vote has been scheduled for March 5, 2025.
PRIME has outlined a comprehensive liquidity management plan, excluding cash flow from operations, with key strategies including:
- Asset Sales
- The company has already received THB 168mn and anticipates an additional THB 1,250mn from asset divestments.
- Additional Asset Monetization – Other assets, valued at THB 1,320mn, are currently under consideration for sale.
- Strategic Co-Investment – PRIME is pursuing strategic partnerships for solar power project development, with projected capital inflows of THB 475mn.
Additionally, the company plans to adjust its business strategy by focusing on projects with faster revenue recognition cycles and lower capital investment requirements, while maintaining a strict and disciplined financial liquidity management policy.
With the above funding plan in place, bondholders can be assured that the company remains capable of meeting its debt obligations under the revised terms through the efficient execution of its strategy. PRIME remains committed to stable and sustainable business growth, aiming to enhance long-term value for bondholders and stakeholders.
