Shaanxi Coal Industry Co. Ltd. said Aug. 7 that it plans to raise up to 4 billion Chinese yuan via a public offering of corporate bonds to repay debt.

Phase one of the offering, comprising 1 billion yuan, is scheduled for Aug. 9 and will target both institutional and individual investors.

The 1 billion yuan notes will carry an interest rate of between 4.20% and 5.20% and will mature on Aug. 10, 2020.

Shaanxi Coal did not disclose plans for the remaining 3 billion yuan in notes to be issued.

As of Aug. 7, US$1 was equivalent to 6.72 Chinese yuan.