Moody’s rates Golden Energy notes B1

Moody’s Investors Service said it assigned Golden Energy and Resources Ltd.’s (GEAR) $375 million of senior secured notes for an exchange a B1 rating. The agency also affirmed the issuer’s B1 corporate family.

On Tuesday, GEAR reported an offer to exchange $375 million of outstanding notes due 2026 with new notes due 2027, at the same 8½% coupon as GEAR's existing notes.

With the approval of holders of at least 75% of the notes, GEAR will loosen certain bond covenants, including amendments to permit the potential segregation of its 62.5% stake in its Indonesian thermal coal mining subsidiary, PT Golden Energy Mines Tbk.

The outlook remains stable.

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