Mud & Hound Public Company Limited, or MUD, plans to offer long-term registered, unsubordinated, secured debentures with a maturity of 2 years and 3 months at a fixed interest rate of 7.35% per year, with interest paid every 3 months. The offering is aimed at institutional investors and/or high-net-worth investors through five leading securities firms. Subscription is expected to open between 3 and 5 November 2026, with a minimum subscription of 100,000 baht and increments of 100,000 baht. The proceeds from this offering will be used to repay debentures maturing in November 2026 and as working capital for business operations. The debentures are secured by ordinary shares of ABP Cafe (Thailand) Company Limited, or ABP, at a value of not less than 1.5 times the value of the debentures issued and offered. ABP holds the rights under a master franchise agreement to produce and distribute bakery products under the Au Bon Pain trademark in Thailand exclusively. The company has been assigned a corporate credit rating of BB- with a negative outlook by Tris Rating Company Limited on 23 June 2026, and is in the process of filing a registration statement for the debenture offering and a draft prospectus with the Securities and Exchange Commission, which has not yet taken effect.