PRIME would like to extend its appreciation to bondholders for their strong support, as more than 90% of bondholders in three debenture series approved the proposal to postpone repayment. One series did not achieve quorum and will reconvene on August 29, 2025.
Mr. Somprasong Panjaluck, Chairman and Chief Executive Officer of Prime Road Power Public Company Limited (“PRIME”), disclosed that the Company held its second Bondholders’ Meeting via electronic media (E-Meeting) on August 22, 2025, covering all four debenture series totaling THB 2,049.5 million. The Company sincerely thanks bondholders of series PRIME253A, PRIME25DA, and PRIME25DB, who approved each agenda item with over 90% votes in favor. However, the meeting for series PRIME253B did not reach quorum and has been adjourned to August 29, 2025.
Mr. Somprasong further explained that bondholders of the three approved series (PRIME253A, PRIME25DA, and PRIME25DB) voted overwhelmingly—between 90% and 98%—to postpone repayment, with the following resolutions:
For debentures PRIME253B and PRIME253A:
- Grant a waiver of the event of default under the debenture terms and conditions and cancel the “Call Default” demand as stipulated in the Bondholders’ Representative’s letter dated August 1, 2025, including any related enforcement actions.
- Repay 30% of the principal on November 28, 2025, and the remaining 70% on November 28, 2026 (maturity date), with an additional 0.5% interest rate increase.
- Upon approval of the above, the Company will provide collateral by registering a mortgage over land located in Bo Phloi District, Kanchanaburi Province, in favor of the Bondholders’ Representative.
For debentures PRIME253B and PRIME253A:
- Grant a waiver of the event of default under the debenture terms and conditions and cancel any related enforcement actions.
- In the event that all four debenture series approve all proposed agendas, the Company will provide collateral by registering a mortgage over land located in Bo Phloi District, Kanchanaburi Province, in favor of the Bondholders’ Representative.
In addition to the proposed collateral, the Company has also amended the debenture terms to specify that proceeds from the disposal of four solar power plant projects will be allocated, in clear proportions, towards debt repayment, in order to further strengthen bondholder confidence.
The Chairman and CEO added that the Company has already signed sale and purchase agreements with buyers for certain ground-mounted solar power plant projects for government agencies and agricultural cooperatives, with a total installed capacity of 18MW and an approximate value of THB 680 million. The Company expects to receive the first installment of approximately THB 617.56 million by November 2025, upon completion of the share transfer of the subsidiaries. This will serve as the primary funding source for repaying 30% of the principal across all four series due within 2025.
“PRIME is fully prepared to manage and secure funds to repay the debentures. We assure our bondholders of our commitment to prudent management and to delivering the utmost benefits to them,” Mr. Somprasong concluded.
