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Yancoal closes US$950M debt funding

Yanzhou CoalMining Co. Ltd. unit YancoalAustralia Ltd. said April 1 that it has closed the US$950 milliondebt funding on March 31, after satisfying all conditions.

The financingwas announced in mid-February, and the company was issuing nine-year secureddebt bonds in two tranches with the first US$760 million installment receivedwith the closing. The remaining US$190 million will be transferred by Sept. 30.

The bonds were issued by a newly established and whollyowned subsidiary of Yancoal, which will hold its interest in the , and mines.

In early March, Yancoal said it would place its Donaldson coal operation on careand maintenance in June as a result of ongoing market challenges.