お知らせ • Apr 10
Jasmine Technology Solution Public Company Limited Announces Unable to Redeem Debentures JTS254A
Jasmine Technology Solution Public Company Limited has issued and offered 3 tranches of debentures, with an unredeemed principal amount of the debentures at THB 738,442,000, as follows: Callable and Secured Debentures of Jasmine Technology Solution Public Company Limited No. 1/2022 Due 2025 with the Issuer's Right of Early Redemption or JTS254A with an unredeemed principal amount of the debentures at THB 525,542,000. The maturity date of the debentures is April 8, 2025; High-Risk Guaranteed Debentures of Jasmine Technology Solution Public Company Limited No. 1/2568 Tranche 1 Due B.E. 2570 with the Issuer's Right of Early Redemption or JTS272A with an unredeemed principal amount of the debentures at THB 90,600,000. The maturity date of the debentures is February 21, 2027; and High-Risk Guaranteed Debentures of Jasmine Technology Solution Public Company Limited No. 1/2568 Tranche 2 Due B.E. 2571 with the Issuer's Right of Early Redemption or JTS282A with an unredeemed principal amount of the debentures at THB 122,300,000. The maturity date of the debentures is February 21, 2028. Due to the current bond market conditions not being conducive to new fundraising, the Company is unable to issue new debentures for refinancing or rolling over debentures that are approaching maturity as planned. Additionally, the overall economic uncertainty, which is a result of the United States' tariff policy, has led the Company to prioritize cash flow management to ensure continued operations. The Company is unable to redeem Debentures JTS254A on April 8, 2025, which is the scheduled maturity date of such debentures. This constitutes an Event of Default under Clause 11.1(a) of the Terms and Conditions of the Rights and Obligations of the Issuer and Debenture Holders ("Terms and Conditions") applicable to Debentures JTS254A. Furthermore, the Company's failure to redeem Debentures JTS254A on the maturity date also constitutes an Event of Default under Clause 11.1 (d) of the Terms and Conditions applicable to Debentures JTS272A and JTS282A, by reason of Cross Default. However, such default in respect of Debentures JTS254A does not result in the automatic acceleration of the outstanding debts under Debentures JTS272A and JTS282A. Acceleration shall occur only upon the action of the debenture holders representative, in accordance with Clause 11.3 of the Terms and Conditions of Debentures JTS272A and JTS282A (Call Default). Nevertheless, to demonstrate the Company's genuine commitment to fully repay its obligations to all debenture holders, on April 8, 2025, which is the maturity date of Debentures JTS254A, the Company made payment of the interest due and partially redeem the principal of Debentures JTS254A by reducing 14.0% of the par value per unit (THB 1,000 per unit), representing a principal repayment amount of THB 103,628,000 (equivalent to THB 140 per unit). The remaining principal amount of the debentures will be proposed to the meeting of the debenture holders of such series for consideration of an amendment to the repayment terms. Details regarding the default in principal repayment of Debentures JTS254A and the Cross Default events in relation to Debentures JTS272A and JTS282A are as follows: Name: Callable and Secured Debentures of Jasmine Technology Solution Public Company Limited No. 1/2022 Due 2025 with the Issuer's Right of Early Redemption; Issue Date 8 April 2022; Maturity Date: 8 April 2025; Issue Size: THB 740,200,000; Outstanding Size: THB 525,542,000; Partial Principal Repayment of the Debentures: THB 103,628,000 (THB 140 per unit) or equivalent to 14.0% of the par value per unit (THB 1,000 per unit); Interest Rate: 6.25 per annum; Gross Interest Amount before Withholding Tax: THB 2,609,712.96; Total Outstanding Principal and Interest in Default: THB 421,914,000; Default Date: 8 April 2025; Cause of Default Due to the current bond market conditions not being conducive to new fundraising, the Company is unable to issue new debentures for refinancing or rolling over debentures that are approaching maturity as planned. Additionally, the overall economic uncertainty, which is a result of the United States' tariff policy, has led the Company to prioritize cash flow management to ensure continued operations. Number of Debenture Holders: 405; Debenture Holders Representative: Daol Securities (Thailand) Public Company Limited. JTS272A: Name: High-Risk Guaranteed Debentures of Jasmine Technology Solution Public Company Limited No. 1/2568 Tranche 1 Due B.E. 2570 with the Issuer's Right of Early Redemption; Issue Date: 21 February 2025; Maturity Date: 21 February 2027; Issue Size: THB 90,600,000; Outstanding Size: THB 90,600,000; Interest Rate: 6.85 per annum Total Principal and Interest Amount (in the Event of Acceleration of the Outstanding Debt): THB 91,382,138.63; Default Date 8 April 2025; Cause of Default: The issuer of the debentures defaulted on the principal repayment of Debentures JTS254A in the amount of THB 421,914,000, which exceeds THB 300,000,000 in total, on April 8, 2025 (Cross Default); JTS282A: Name High Risk Guaranteed Debentures of Jasmine Technology Solution Public Company Limited No. 1/2568 Tranche 2 Due B.E. 2571 with the Issuer's Right of Early Redemption; Issue Date: 21 February 2025; Maturity Date: 21 February 2028; Issue Size: THB 122,300,000; Outstanding Size: THB 122,300,000; Interest Rate: 7.25 per annum; Total Principal and Interest Amount (in the Event of Acceleration of the Outstanding Debt): THB 123,417,453.42; Default Date 8 April 2025; Cause of Default" The issuer of the debentures defaulted on the principal repayment of Debentures JTS254A in the amount of THB 421,914,000, which exceeds THB 300,000 in total, on April 8, 2025 (Cross Default).