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Overview

Yanzhou Coal Mining provides a $250 million USD loan to Yancoal Australia for debt repayment, working capital, and capital expenditure purposes

Commitments (Constant USD, 2023)$258,492,823
Commitment Year•2013Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 13, 2013
Last repayment (originally scheduled)
Jun 12, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned companies

  • Yankuang Energy Group Company Limited (formerly Yanzhou Coal Mining Company Limited)

Receiving agencies

State-owned companies

  • Yancoal Australia Limited

Loan description

Yanzhou Coal Mining provides a $250 million USD loan to Yancoal Australia for debt repayment, working capital, and capital expenditure purposes

Interest rate (t₀)•6.24%Interest type•Fixed Interest RateMaturity•5.5 years

Narrative

Full Description

Project narrative

On or around December 13, 2013, Yanzhou Coal Mining Company Limited (now known as Yankuang Energy Group Company Limited) entered into a $250,000,000 USD long term facility agreement with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for debt repayment, working capital, and capital expenditure purposes. This loan carried a maturity period of five and a half (5.5) years, with the principal to be repaid in full at maturity, a weighted average interest rate of 6.24% per annum, inclusive of arrangement fees, and was provided on an unsecured basis with no covenants. The purpose of this facility was to fund the repayment of $100,000,000 USD of existing debt and fund working capital and capital expenditure. As of December 31, 2013, $150,000,000 USD had been drawn down under this facility. On February 11, 2014, the remaining $100,000,000 USD was drawn down. In 2014, the entire loan was fully repaid.

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.