Golden Energy offers to swap notes due 2026 for notes due 2027

Chicago, Nov. 1 – Golden Energy and Resources Ltd. is offering noteholders an opportunity to exchange the company’s outstanding dollar-denominated 8˝% senior secured notes due 2026 (ISIN: XS2342227597) for 8˝% senior secured notes due 2027 (ISIN: XS2551811651), according to a notice.

The company is offering an even exchange in terms of the value of the notes with accrued interest on the existing notes to be paid in cash to the settlement date.

The purpose of the exchange offer is the goal by the issuer of loosening certain covenants currently in the indenture governing the existing notes.

These relaxations include changes in the financial ratios in the debt covenant and other amendments to permit the issuer to restructure and/or exiting all or substantially all of its energy coal business, which is in line with the issuer’s plan to reduce its exposure to energy coal.

The new notes will be unconditionally and irrevocably guaranteed by the subsidiary guarantor and secured by collateral.

There is a minimum condition of noteholders exchanging at least 75% of the notes.

The offer started Tuesday and will expire at 11 a.m. ET on Nov. 21.

Settlement is planned for Nov. 28.

Mandiri Securities Pte. Ltd. is the dealer manager.

Morrow Sodali Ltd. is the information and exchange agent (https://projects.morrowsodali.com/gar, gear@investor.morrowsodali.com).

Golden Energy is a Singapore-based coal miner operating in Indonesia.

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