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Yankuang Group to issue RMB 2.2 bln in bonds

Feb. 8, 2012 (China Knowledge) - Yankuang Group, the parent company of Yanzhou Coal Mining Co Ltd<600188><1171>, China's leading coal producer, has said that it would issue RMB 2.2 billion in unsecured bonds with a maturity of five years on the inter-bank market on February 10.

The firm said in a statement that the bonds will be issued at face value, and the coupon rate will be determined during the process of bookbuilding.

Both value date and payment due date is set at February 14, and the to-be-issued bonds are tradable on February 15.
China Lianhe Credit Rating Co Ltd has rated the bonds and the issuer AAA and AAA, respectively.

Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as lead underwriters for the offering, and Industrial Bank Co Ltd<601166> will be joint lead underwriter.

Proceeds from the deal will be used to repay bank loans.

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