By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Singapore’s Geo Energy Resources Ltd. announced its subsidiary Geo Coal International Pte. Ltd. priced $300 million of 8% five-year senior notes (B2/B/B+) on Wednesday, according to a company notice.
J.P. Morgan, Deutsche Bank, CITIC CLSA Securities and BOC International were the bookrunners and lead managers for the Rule 144A and Regulation S offering.
In a press release, the company said the offering was more than three times oversubscribed.
Proceeds will be used to redeem the company’s remaining outstanding series 001 notes, repay in full advances received from Engelhart Commodities Trading Partners (Singapore) Pte Ltd., potential acquisitions of coal mining assets and for working capital and general corporate purposes.
The company is a coal mining company based in Singapore.
| Issuer: | Geo Coal International Pte. Ltd.
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| Guarantor: | Geo Energy Resources Ltd.
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| Amount: | $300 million
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| Maturity: | Oct. 4, 2022
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| Description: | Senior notes
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| Bookrunners: | J.P. Morgan, Deutsche Bank, CITIC CLSA Securities and BOC International
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| Coupon: | 8%
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| Calls: | At par plus a make-whole premium plus accrued interest for the first three years, after which callable at par plus accrued interest
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| Equity clawback: | For up to 35% at 108 prior to Oct. 4, 2020
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| Trade date: | Sept. 27
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| Settlement date: | Oct. 4
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| Ratings: | S&P: B
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| Fitch: B+
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| Moody’s: B2
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| Distribution: | Rule 144A and Regulation S
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