Narrative
Full Description
Project narrative
In March 2014, Yancoal International (Holding) Co., Ltd. — a wholly owned subsidiary of Yanzhou Coal Mining Company — entered into a $300 million USD long term debt facility 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 was divided into tranches. These tranches included an initial $100 million USD tranche with a maturity period of six years, with principal to be repaid in full at maturity, provided on an unsecured basis with no covenants, and an weighted average interest rate of 5.24% per annum, inclusive of arrangement fees. The remaining $200 million USD of the facility was to be divided into multiple tranches, with the interest and repayment timing for them to be agreed upon at a future time (after the initial loan signing) prior to those tranches being advanced. Later in 2014, Yancoal International Trading Company Limited — another subsidiary of Yanzhou — issued the remaining $200 million USD of this facility to Yancoal Australia, divided into a $150.0 million USD tranche and a $50.0 million USD tranche; the tranches carried a weighted average interest rate of 7.49%, inclusive of arrangement fees. The proceeds of the $300 million USD facility were to be used by the borrower to fund working capital and capital expenditure. Record ID#97185 captures the $100 million USD tranche. Record ID#97186 captures the $150 million USD tranche. Record ID#97187 captures the $50 million USD tranche. On December 31, 2014, the $150 million USD tranche and the $50 million USD were rolled over / refinanced into a Yanzhou Coal Mining Company Limited $1,400,000,000 AUD shareholder debt facility agreement with Yancoal Australia Limited. Record ID#97167 captures the $1.4 billion AUD facility.
Staff comments
1. Yankuang Energy Group Company Limited (formerly known as Yanzhou Coal Mining Company Limited) is a Chinese state-owned company and a subsidiary of Shandong Energy Group Co. Yankuang Energy Group Company Limited is the ultimate parent of Yancoal Australia Ltd. via Yanzhou Coal Mining Company Limited, the PRC-incorporated joint stock limited coal mining company.