New York, April 6 – Yanzhou Coal Mining Co. Ltd. priced a $500 million offering of 5.75% senior perpetual capital securities at par, according to an announcement from the company.
Deutsche Bank, CMB International and China Silk Road are the joint bookrunners for the Regulation S offering, with Deutsche and CMB acting as global coordinators.
The securities will be issued through indirect wholly owned subsidiary Yancoal International Resources Development Co., Ltd. and guaranteed by the parent company.
The coupon will reset on April 13, 2020 and there will be a call provision. Details of the reset and call were not immediately available.
The Zoucheng, China-based coal mining company intends to use proceeds to repay debt or for capital expenditure, working capital and general corporate purposes.
| Issuer: | Yancoal International Resources Development Co., Ltd.
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| Guarantor: | Yanzhou Coal Mining Co. Ltd.
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| Issue: | Senior capital securities
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| Amount: | $500 million
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| Maturity: | Perpetual
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| Coupon: | 5.75%, resets on April 13, 2020
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| Price: | Par
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| Bookrunners: | Deutsche Bank, CMB International (global coordinators), China Silk Road
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| Pricing date: | April 6
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| Settlement date: | April 13
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| Distribution: | Regulation S
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