Yanzhou Coal Mining provides a $1.4 billion AUD loan to Yancoal Australia for working capital and capital expenditure purposes (Linked to Record ID#97186 and #97187)

Project narrative

On December 31, 2014, Yanzhou Coal Mining Company Limited (now known as Yankuang Energy Group Company Limited) and four Yanzhou subsidiaries entered into a $1,400,000,000 AUD shareholder debt facility agreement with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for working capital and capital expenditure purposes. This loan carried a maturity period of 10 years with the principal repayable at final maturity date of December 31, 2024, and an interest rate of 7%, inclusive of arrangement fees. This loan was provided on an unsecured and subordinated basis with no covenants. This facility could be drawn down in both Australian and U.S. dollars. The proceeds of this loan were to be used by the borrower for working capital and capital expenditure purposes, such as support the ongoing operations and expansion of Yancoal Australia and repaying debts when they fell due. This facility was not available for redrawing. In 2014, as part of a $300 million USD facility, Yancoal International Trading Company Limited (Hong Kong) issued a$150.0 million USD loan and a $50.0 million USD loan to Yancoal Australia. They carried a weighted average interest rate of 7.49%, inclusive of arrangement fees. On December 31, 2014, the $200 million USD were rolled over / refinanced into the $1.4 billion AUD facility. Record ID#97186 captures the $150 million USD loan. Record ID#97187 captures the $50 million USD loan. As of December 31, 2014, $200 million USD had been drawn down under the facility, comprised of the previous $150 million USD and $50 million USD borrowings that were rolled over. As of June 30, 2015, $300 million USD had been drawn down. As of December 31, 2015, $684 million AUD had been drawn down. As of December 31, 2016, $942 million AUD ($681.5 million USD) had been drawn down. As of June 30, 2017, $681,528,831 USD had been drawn under this facility. As of December 31, 2017, $1.066 billion AUD ($832 million USD) had been drawn down. As of June 30, 2018, $1.125 billion AUD had been drawn down. As of November 18, 2018, $1.125 billion AUD had been drawn down. In the second half of 2018, no additional amounts were drawn down and $9 million USD was repaid, leaving an outstanding balance of $823 million USD ($1.166 billion million AUD). As of December 31, 2019, no additional amounts were drawn down and $250 million USD was repaid leaving an outstanding balance of $573 million USD ($817 million AUD) outstanding balance. As of December 31, 2020, no additional amounts were drawn down or repaid, leaving the outstanding balance still at $573 million USD ($744 million AUD). As of December 31, 2021, no additional amounts were drawn down and $175 million USD was repaid leaving an outstanding balance of $398 million USD ($548 million AUD). As of December 31, 2022, no additional amounts were drawn and the entire $398 million USD outstanding balance was repaid. As of June 2022, there was $845 million AUD of undrawn debt under the facility. The facility was fully repaid on July 11, 2022.