Yanzhou Coal Mining disburses a $5 million USD tranche as part of a $90 million USD entrusted loan to Yancoal Australia for unspecified purposes (Linked to Record ID#97224, #97225, #97226, #97227, #97228, #97230, and #97231)

Project narrative

On June 28, 2005, Yanzhou Coal Mining Company Limited agreed and approved that it would extend an $90 million USD entrusted loan to Yancoal Australia Pty Limited — an Australia-incorporated wholly-owned subsidiary of Yanzhou Coal Mining — for unspecified purposes. The $90 million USD carried a maturity period of two years. This loan was drawn down by the borrower in five tranches: a $20 million USD tranche with a term from November 7, 2005 to November 7, 2007 and an annual interest rate of 6.31%; a $20 million USD tranche with a term from February 13, 2006 to November 7, 2007 and an annual interest rate of 6.57938%; a $20 million USD tranche with a term from June 6, 2006 to November 7, 2007 and an annual interest rate of 6.89438%; a $20 million USD tranche with a term from August 22, 2006 to November 7, 2007 and an annual interest rate of 6.9625%; a $5 million USD tranche with a term from October 31, 2006 to November 7, 2007 and an annual interest rate of 6.83063%; and a $5 million USD tranche with a term from November 27, 2006 to November 7, 2007 (346 days; 0.948 years) and an annual interest rate of 6.7875%. Record ID#97224 captures the $20 million USD tranche with a term from November 7, 2005 to November 7, 2007. Record ID#97225 captures the $20 million USD tranche with a term from February 13, 2006 to November 7, 2007. Record ID#97226 captures $20 million USD tranche with a term from June 6, 2006 to November 7, 2007. Record ID#97227 captures a $20 million USD tranche with a term from August 22, 2006 to November 7, 2007. Record ID#97228 captures the $5 million USD tranche with a term from October 31, 2006 to November 7, 2007. Record ID#97229 captures the $5 million USD tranche with a term from November 27, 2006 to November 7, 2007 and an annual interest rate of 6.7875% On August 17, 2007, Yanzhou Coal Mining approved a restructuring of the loan in which the maturity period would be extended by one year and the new repayment date would be November 7, 2008. Record ID#97230 captures the one-year extension. On October 24, 2008, Yanzhou Coal Mining approved a restructuring of the loan in which $65.5 million USD of the principal and the corresponding interests would have its maturity period extended for two years to November 7, 2010. Record ID#97231 captures the two-year extension. By November 7, 2008, Yancoal Australia had repaid $24.5 million USD of the principal {see pg.41 of Source ID#179630}}. As of June 30, 2011, the principal of the $90 million USD had been recovered / repaid.