Narrative
Full Description
Project narrative
In August 2013, Yancoal International (Holding) Co., Ltd. — a wholly owned subsidiary of Yanzhou Coal Mining Company Limited— entered into a $300,000,000 USD long term loan facility agreement with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for debt repayment purposes. This loan carried a maturity period of three years with the principal repayable at maturity and provided on an unsecured basis with no covenants. It carried an average weighted interest rate of around 5.325% per annum, inclusive of arrangement fees. Yancoal Australia used the proceeds of this facility to partially repay a $596,000,000 loan USD from Yanzhou Coal Mining Company Limited that originated in January 2013, as captured by Record ID#97200. In 2014, Yancoal Australia repaid the outstanding balance $300 million USD under this loan.
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. 2. In 2013, this facility was charged at a weighted average interest rate of 5.40% per annum, inclusive of arrangement fees {{see pg.125 of "Yancoal Australia Limited Annual Report 2013"}}. In 2014, this facility was charged at a weighted average interest rate of 5.25% per annum, inclusive of arrangement fees {{see pg.119 of "Yancoal Australia Limited Annual Report 2014}}. AidData has taken the average of these two average interest rates, [(5.40% + 5.25%) / 2], or 5.325%, and coded it as the interest rate for this project record.