Seven Utilities and Power Public Company Limited (SET:7UP) announced that it has entered into convertible debentures agreement for a private placement of senior unsecured convertible debentures for a gross proceeds of not more than THB 650,000,000 on April 9, 2020. The transaction will include participation from Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited. The debentures are senior, unsecured, redeemable, will be issued at par, will bear a fixed interest rate of 2% per annum, payable quarterly, and will have a maturity period of 3 years from the date of issuance. The debentures are fully convertible into maximum 650,000,000 common shares, representing 17.66% stake, until the date falling 7 days prior to the maturity date. The conversion price will not be lower than 90% of the market price, which shall be calculated based on the weighted average price of the company’s shares trading on the Stock Exchange of Thailand for the past 7 -15 consecutive business days. The company will raise the funding in three tranches. The first tranche and second tranches will be of THB 200,000,000 each, divided into 20 sub-tranches of THB 10,000,000, and the third tranche will be of THB 250,000,000, divided into 10 sub-tranches of THB 25,000,000. The debentures are subject to transfer restrictions. The transaction has been approved in the meeting no. 6/2020 of the board of directors, and is subject to the approval in the annual general meeting of the shareholders of the company to be held on May 26, 2020.