Corporate digest

Geo Energy Resources

THE Indonesian coal mining group said on Thursday that its subsidiary's US$300 million notes offering was more than three times oversubscribed, with a total order book of more than US$1.2 billion. The fixed rate senior notes, due 2022, have a coupon rate of 8 per cent. The 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.

These notes will be issued by the group's subsidiary, Geo Coal International Pte Ltd, on Oct 4, 2017 and are expected to be listed on the Singapore Exchange on Oct 5, 2017.