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Yancoal repays further US$450M debt

Yancoal Australia Ltd. prepaid US$450 million in loans to Bank of China and China Construction Bank under its syndicated facility agreement, reducing its existing debt liabilities, the company said May 30.

The payment is in addition to a US$150 million payment it made in late 2017, bringing the total debt prepayments to US$600 million since the completion of Yancoal's acquisition of Coal & Allied Industries Ltd. from Rio Tinto.

"Yancoal continues to take decisive action to strengthen its balance sheet, paying down debt to support our long-term strategy for future growth and new investment opportunities," said Yancoal Chairman Xiyong Li.