Mr. Win Viriyaprapaikit, Group CEO and President of Sahaviriya Steel Industries Public Company Limited or SSI, revealed that on 12 April 2013, the Company has reached the conclusion on loan rescheduling with all of eight short-term and long-term lenders. All lenders have entered into the Intercreditor Memorandum of Understanding with the Company as well as all of five short-term lenders have entered into the Loan Rescheduling Agreement.
Key Points of Loan Rescheduling
1. Five short-term lenders with combined debt outstanding of approximately Baht 4,486.37 million agreed to change the status of loan from working capital loan to three year amortising long-term loan with quarterly repayment starting from June 2013 and ending December 2015. Among those five short-term lenders, two of which had previously filed lawsuit cases against the Company have now withdrawn the lawsuit cases.
2. Three long-term lenders with combined debt outstanding of approximately Baht 10,214.82 million agreed to extend the repayment period of long-term loan of which the first portion with outstanding amount of approximately Baht 6,105.63 million is extended from ending March 2018 to March 2021, and the balance portion with outstanding amount of approximately Baht 4,109.19 million is extended from ending March 2018 to March 2020.
The aforementioned loan rescheduling is part of the Comprehensive Financial Plan of the Company which gives the Company greater flexibility and efficiency in liquidity management.