Yancoal secures $US250 million loan
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Yancoal Australia (YAN) has reached an agreement with major shareholder Yanzhou Coal Mining Company Limited for a $US250 million long-term loan facility.
In a statement to the Australian Securities Exchange, Yancoal said the facility has a term of five and a half years, with the principal to be repaid in full at maturity.
The loan is unsecured with no covenants.
"The purpose of the facility is to fund the repayment of $US100 million of existing debt in accordance with its terms as well as fund working capital and capital expenditure," the group said.
The announcement comes just days after Treasurer Joe Hockey removed certain foreign investment conditions placed on the Chinese state-owned enterprise that restricted its ownership of Yancoal.
In a statement, Mr Hockey said the conditions required Yanzhou to reduce its ownership in Yancoal from 100 per cent to less than 70 per cent.
They also required Yanzhou to reduce its economic interest in Yancoal’s former Felix Resources coal mining assets to less than 50 per cent by the end of December 2013 and in the Syntech Resources and Premier Coal mines to less than 70 per cent by December 31, 2014.
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