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Kailuan Energy to launch 1.5B yuan bond repurchase

Chinese coal producer Kailuan Energy Chemical Co. Ltd. plans to launch a bond repurchase program for the 1.5 billion Chinese yuan debt offering it issued in October 2014 on the Shanghai Stock Exchange.

While the issued notes have a six-year term, investors have the right to resell them to the company at the end of the fourth year, according to an Aug. 8 release.

Kailuan Energy said the repurchased debt, with an interest rate of 6.3%, will be paid out Sept. 26.

Shenzhen-based Pengyuan Credit Rating Co. Ltd. had assigned an AAA rating for the notes.

As of Aug. 7, US$1 was equivalent to 6.83 Chinese yuan.