China’s Yanzhou Coal receives $381.13 million of early tenders

New York, May 18 – Yanzhou Coal Mining Co. Ltd. received $381.13 million of early tenders in its offer to buy a total of $300 million of two series of notes, according to a 6-K filing with the Securities and Exchange Commission.

Holders submitted $206,783,000 of its 5.73% guaranteed notes due 2022 and $174,345,000 of its 4.461% guaranteed notes due 2017, according to a 6-K filing with the Securities and Exchange Commission.

The early tender deadline was 5 p.m. ET on May 17, but holders may continue to tender until the expiration deadline of 11:59 p.m. ET on June 1.

Yanzhou said it will make a further announcement after the tender ends giving the results and whether the conditions to the offer have been satisfied.

The company announced the tender on May 4, saying it was seeking to reduce the amount of the group’s outstanding debt, to adjust its debt structure and to mitigate the foreign exchange risks associated with the notes.

Covered by the offer are the following notes issued by Yancoal International Resources Development Co., Ltd., listed in order of priority acceptance level, with purchase price per $1,000 principal amount:

• $434,403,000 of 5.73% guaranteed notes due 2022 with an early tender price of $930 and a late tender price of $880; and

• $450 million of 4.461% guaranteed notes due 2017 with an early tender price of $1,000 and a late tender price of $950.

Holders had to tender by the early tender date in order to receive the early tender price.

Those who tender after the early deadline will receive the late tender payment.

The company also will pay accrued interest.

Settlement is expected on June 7.

Tenders must be submitted in minimum denominations of $200,000 and in integrals of $1,000 after that.

The offer contains a financing condition, which requires that Yancoal Resources have enough funds to complete the offer.

Deutsche Bank AG, Singapore Branch (+65 6423 5934, +44 0 207 545 8011 or liability.management@db.com) is the dealer manager, and D.F. King Ltd. (44 20 7920 9700, 212 269-5550, 866 745-0264, +852 3953 7230 or yancoal@dfkingltd.com) is the information and tender agent.

Yanzhou is a coal company based in Zoucheng, China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.