"As a result, we have revised its rating to CC, the level at which Geo Energy was rated before the tender offer, since there has been no significant change in its underlying credit profile."
Fitch expects Geo Energy's liquidity to fall"considerably short" of the US$132.7 million principal due on the May 2021 put date if the put option is triggered in April 2021. The agency does not foresee timely refinancing to take place. When the consent solicitation and tender offer failed to meet the conditions set forth in the offer, Geo Energy waived the requisite 75 per cent minimum application and bought back the US$21.3 million of validly tendered notes at an average price of US$0.45 per unit . This reduced its outstanding US dollar note balance to US$132.7 million.
Fitch expects Geo Energy's liquidity to decline further, as cash generation is likely to remain weak in the near term in light of low coal prices and the company's weak cost position.
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