Yancoal signs debt deal with Yanzhou
PERTH (miningweekly.com) – Australian junior Yancoal Australia has arranged a $300-million long-term loan facility from majority shareholder Yanzhou Coal Mining Company in an effort to settle shareholder fears.
Yanzhou this week abandoned a privatisation effort of Yancoal, in which it would have acquired the remaining 22% interest in the coal miner, causing Yancoal share prices to fall.
Yancoal said on Tuesday that the first $100-million tranche under the new loan facility would have a term of six years, and would be provided on an unsecured basis, with no covenants.
The interest and repayment timing for the next tranche, constituting $200-million, would be agreed in future, prior to the tranche being advanced.
The loan facility would provide Yancoal with working capital, the junior said.
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