Wed 05/20/2020 20:48 PM
Relevant Documents:News Release Consent SolicitationGeo Energy Resources Ltd announced to the Singapore stock exchange today (May 21) that it has commenced a consent solicitation and tender offer for its outstanding $154.017 million 8% senior notes due 2022.
The consent solicitation exercise proposes to remove the put option obligation in the event the group is unable to satisfy certain minimum coal reserve requirements by April 4, 2021. Geo is also seeking consent to increase the working capital permitted debt basket by $15 million and the general permitted debt basket by $10 million, the announcement states.
Geo Energy is also providing holders the option to exit their holdings through any-and-all fixed price cash tender of the outstanding, according to the announcement. Geo is offering to purchase the notes at 43 plus interest accrued and unpaid up to but not including the settlement date of their notes for those validly tendered before June 4, and at 40 for those tendered after June 4 and or or prior to June 18, the announcement states.
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