Geo Energy plans to issue $300m bond
Tuesday, July 1 2014 - 12:15 AM WIB
SGX-listed Geo Energy Resources Limited announced on Monday that it has on 30 June 2014 established a S$300 million Multicurrency Medium Term Note Program (the MTN Programme).
United Overseas Bank Limited has been appointed as the sole arranger and dealer of the MTN Programme.
The net proceeds arising from the issue of Notes under the MTN Program (after deducting expenses incurred in connection with the issue of the Notes) will be used for corporate funding (including financing of working capital and refinancing of existing borrowings), investments and/or the capital expenditure requirements (including to fund acquisition of mines and for development of the acquired mines) of the Issuer and its subsidiaries or as otherwise specified in the applicable pricing supplement in relation to a tranche of Notes.
Geo Energy Group is an established and experienced coal mining group operating out of Indonesia. Headquartered in Singapore with a Branch Office in Jakarta, Indonesia, Geo Energy Group was established in 2008.
Geo Energy currently owns PT Bumi Enggang Khatulistiwa (BEK), the Mining Business License (IUP) owner of a 4,570 hectare coal mining concession area in Kutai Barat, East Kalimantan, and subsidiary companies that are responsible for mining, as well as heavy equipment and machinery procurement and rental.
Editing by Johannes Simbolon