By Marisa Wong
Morgantown, W.Va., Sept. 26 – Yankuang Group Co. Ltd. issued RMB 3 billion of three-year corporate bonds exchangeable into A shares of Yanzhou Coal Mining Co. Ltd. at par on Monday. Yankuang is the controlling shareholder and parent of Yanzhou Coal.
The initial exchange price is RMB 14.10 per share, according to a notice.
The bonds carry a coupon of 1.7% for the first year, stepping up to 2.2% for the second year and to 2.7% for the third year.
In November 2016, Yankuang announced plans to issue up to RMB 10 billion of corporate bonds exchangeable into Yanzhou Coal shares. The company later obtained approval from the Shanghai Stock Exchange to issue up to RMB 8 billion of the bonds. The first tranche, totaling RMB 4 billion, was completed on April 21.
The coal mining companies are based in Shandong, China.
| Issuer: | Yankuang Group Co. Ltd.
|
| Issue: | Corporate bonds exchangeable into A shares of Yanzhou Coal Mining Co. Ltd., second tranche
|
| Amount: | RMB 3 billion
|
| Maturity: | Three years
|
| Coupon: | 1.7% for the first year, stepping up to 2.2% for the second year and to 2.7% for the third year
|
| Price: | Par of RMB 100
|
| Exchange price: | RMB 14.10 per share
|
| Settlement date: | Sept. 25
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