Geo Energy offers steep discount to retire bonds
Subsidiary Geo Coal International is offering to repurchase US$154m senior notes at less than half their par value
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GEO Energy Resources' wholly-owned subsidiary Geo Coal International (GCI) is offering to repurchase by tender the outstanding US$154 million in aggregate principal amount of its 8 per cent senior notes due in 2022 at a price that is less than half of the par value.
At the same time, it has proposed a few amendments to the bond indenture for the noteholders' approval, to provide it with "additional flexibility" in the light of the current "challenging" market conditions.
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