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Singapore’s Geo Energy buys back $16.06 million of 8% notes due 2022
By Marisa Wong
Los Angeles, Dec. 23 – Geo Energy Resources Ltd. announced it repurchased $16,061,000 of the $300 million 8% senior notes due 2022 issued by wholly owned subsidiary Geo Coal International Pte. Ltd. through open market transactions from Dec. 5 to Dec. 20.
The company paid an aggregate amount of $10,720,225.89 for the repurchased notes, including accrued interest, according to a company news release on Monday.
Following cancellation of the repurchased notes, $283,939,000 principal amount remains outstanding.
Geo Energy first announced in August plans to buy back its notes.
The company said it believes the notes are undervalued. As a result, the repurchase of the notes is “an efficient way to improve shareholders’ value and return cash to the holders of the notes, since the repurchase provides a means for utilising part of the group’s surplus funds whilst it looks at alternative investment options in addition to the proposed acquisition of PTTitan Global Energy,” according to Monday’s release.
Geo Energy is a Singapore investment holding company that operates as a coal producer and mine contractor.
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