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Geo Energy fails to get noteholders' nod to ease notes terms

Singapore

INDONESIAN coal miner Geo Energy Resources said on Friday that no amendments will be made to the indenture governing the 8 per cent senior notes issued by its wholly-owned unit Geo Coal International, since it failed to get the consent of noteholders to do so.

The amendments would have given the group more financial flexibility at the expense of its noteholders.

As part of the consent solicitation exercise announced on May 21, Geo Coal also offered to buy back the outstanding US$154 million notes at a tender price that is less than half of par value.

As at the early tender deadline on June 4, an aggregate principal amount of US$20.9 million of the notes had been validly tendered.

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