SINGAPORE - Singapore-listed Indonesian coal mining group Geo Energy Resources said the US$300 million notes offering of its subsidiary, Geo Coal International Pte Ltd, was more than three times oversubscribed, reaching a total order book of over US$1.2 billion.
The 5-year notes have a coupon rate of 8 per cent, and mature on Oct 4, 2022. They are rated B2 by Moody's Investors Service, B by Standard and Poor's Ratings Services and B+ by Fitch Ratings.
The notes will be issued on Oct 4, 2017, and are expected to be listed on the Singapore Exchange Oct 5, 2017.
Net proceeds from the offering will be used to redeem the outstanding S$100 million 7 per cent medium term notes that Geo Energy issued in July 2014, full repayment of the advances received from Engelhart Commodities Trading Partners (Singapore) Pte Ltd, potential acquisitions of coal mining assets, as well as for working capital and general corporate purposes, said Geo Energy.
JP Morgan, Deutsche Bank, Citic CLSA Securities and BOC International acted as the joint bookrunners and joint lead managers for the offering.