Geo Energy unit issues $300m notes

SGX-listed Geo Energy Resources Limited announced Thursday that its wholly-owned subsidiary, Geo Coal International Pte. Ltd. has issued US$300 million in aggregate principal amount of 8.0 percent senior notes due 2022.

Geo Energy said the notes are unconditionally and irrevocably guaranteed by the company and certain of its subsidiaries.

The company said approval in-principle has been received from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of, and listing and quotation of the Notes on, the SGXST is not to be taken as an indication of the merits of the issuer, the guarantors, their respective subsidiaries and associated companies and/or the notes

The company previously said the net proceeds of the notes offering will be used for redeeming the outstanding S$100.0 million 7.0 percent medium term notes that Geo Energy issued in July 2014, repaying in full the advances received from Engelhart Commodities Trading Partners (Singapore) Pte. Ltd., potential acquisitions of coal mining assets, and working capital and general corporate purpose.

Editing by Reiner Simanjuntak