MARKETS

Yanzhou announces securities sale

YANZHOU Coal Mining Company plans to sell dollar-denominated subordinated securities, hiring Deu...

Staff Reporter
Yanzhou announces securities sale

The company told the Hong Kong stock exchange it would use the proceeds raised for debt repayment, capital expenditure, working capital and general corporate purposes.

According to Bloomberg, the securities will have no fixed maturity. They will be issued by subsidiary Yanzhou Coal International Trading and guaranteed by Yanzhou Coal.

The amount, terms and conditions of the issue have yet to be determined, but more details are expected after the company meets with bond investors from today.

Barclays, Citigroup and Goldman Sachs will also be joint bookrunners, Yanzhou also said in the release.

Yanzhou – which has mines in China and Australia – is listed on the Shanghai, Hong Kong and New York stock exchanges.

It is 53% owned by the Yankuang Group, a state-owned enterprise wholly owned by the Shandong Provincial State-Owned Assets Supervision and Administration Commission.

In June, its subsidiary Yancoal Australia completed the acquisition of Gloucester Coal and listed on the Australian Securities Exchange.

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