Geo Energy offers steep discount to retire bonds

Singapore

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.