Thailand’s Inter Far East debenture holders approve restructuring

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – Inter Far East Energy Corp. PCL’s debenture holders approved the company’s debt restructuring plan on Aug. 8, according to a company notice.

There were 332 debenture holders, representing 42.1967% of the issued debentures present at the meeting, which achieved the quorum, according to the notice.

The restructuring calls for 2.13 billion baht of debentures to be refinanced at Jan. 30, 2018 for a five-year period, callable at any time, with an interest rate of 7˝%.

The company would redeem 60% of 1.086 billion baht of bonds at Jan. 30, 2018, leaving 434.4 million baht of the debentures outstanding for a three-year period. They would be callable at any time and carry a coupon of 7˝%.

The company would also redeem 60% of 3 billion baht of bonds on Jan. 30, 2018, leaving 1.2 billion baht of bonds outstanding for five years. They would be callable at any time and carry a 7˝% coupon.

The electric power distribution company is based in Bangkok.

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