Narrative
Full Description
Project narrative
In June 2013, Yancoal International (Holding) Co., Ltd. — a wholly owned subsidiary of Yanzhou Coal Mining Company — entered into a $250,000,000 USD long-term loan facility agreement with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for working capital and capital expenditure purposes. This loan carried a maturity period of three years, with the principal to be repaid in full at maturity, and an average weighted interest rate of around 4.43% per annum inclusive of arrangement fees, and was provided on an unsecured basis with no covenants. The proceeds of this facility were to be used by the borrower to fund working capital and capital expenditure needs. In 2014, Yancoal Australia fully repaid the $250 million USD 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 4.25% 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 4.41% 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, [(4.25% + 4.41%) / 2], or 4.33%, and coded it as the interest rate for this project record.