China’s Yanzhou accepts tenders for $115.6 million Yancoal 5.73% notes

By Angela McDaniels

Tacoma, Wash., Dec. 15 – Yanzhou Coal Mining Co. Ltd. accepted for purchase $115,597,000 principal amount, or 21%, of the $550 million 5.73% guaranteed notes due 2022 issued by Yancoal International Resources Development Co., Ltd., according to a 6-K filing with the Securities and Exchange Commission.

A tender offer for the notes began on Nov. 16 and ended at 11:59 p.m. ET on Dec. 14. The settlement date is expected to be Dec. 21.

As previously reported, the company offered to purchase up to $250 million principal amount of the notes.

The company will pay $895 per $1,000 principal amount of notes plus accrued interest.

The bid price range was $860 to $895. Pricing was set by modified Dutch auction.

Notes had to be tendered in minimum denominations of $200,000 and integral multiples of $1,000 after that.

The offer will be funded by available cash and cash equivalents. The financing condition has been satisfied.

All notes purchased in the offer will be canceled on or about Dec. 22. The principal amount of notes remaining outstanding after the cancelation of the accepted notes will be $434,403,000.

Deutsche Bank AG, Singapore Branch (+65 6423 5934, +44 0 207 545 8011 or liability.management@db.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or yanzhoucoal@lucid-is.com) is the information and tender agent.

Yanzhou is a Zoucheng, China-based coal mining company. Yancoal is a Sydney, Australia-based coal mining company.

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