By Rebecca Melvin
Concord, N.H., May 7 – Golden Energy and Resources Ltd. priced $285 million of 8˝% senior secured notes due 2026 (B1//B+) at 98.512, according to a company announcement.
The notes are guaranteed by Golden Investments (Australia) Pte. Ltd.
They are redeemable prior to May 14, 2024 at par plus a premium and accrued and unpaid interest. After May 14, 2024 they are redeemable at par plus accrued and unpaid interest.
The notes also have an equity clawback prior to May 14, 2024 for up to 35% of the notes at 108.5% of the principal amount of notes plus accrued and unpaid interest.
There is mandatory redemption if the issuer ceases to own a majority of the capital stock of GEMS or Stanmore or GEMS or Stanmore ceases to be a restricted subsidiary. The issuer will redeem all the outstanding notes before May 14, 2024 at par plus a premium and accrued and unpaid interest. If the mandatory redemption occurs after May 14, 2024 the redemption price will be set as outlined in the indenture plus accrued and unpaid interest.
The proceeds will be used to redeem its $150 million outstanding of 2023 notes and to repay bank loans with the remainder for general corporate purposes.
Golden Energy is a Singapore-based coal miner operating in Indonesia.
| Issuer: | Golden Energy and Resources Ltd.
|
| Guarantor: | Golden Investments (Australia) Pte. Ltd.
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| Issue: | Senior secured notes
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| Amount: | $285 million
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| Maturity: | May 14, 2026
|
| Coupon: | 8˝%
|
| Price: | 98.512
|
| Call: | Make-whole call before May 14, 2023, then at par plus interest
|
| Equity clawback: | For up to 35% at 108.5 before May 14, 2024
|
| Pricing date: | May 6
|
| Settlement date: | May 14
|
| Ratings: | Moody’s: B1
|
| Fitch: B+
|
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