5.900% senior unsecured fixed rate notes due 2019 (364 days)
Haitong Bank acted as Joint Global Coordinator, Joint Lead Manager and Joint Bookrunner on Yongcheng Coal & Electricity Holding Group’s (the Issuer) US$150m 5.900% senior unsecured, fixed-rate 364 days unrated notes. This transaction marks the issuer’s inaugural appearance in the debt capital markets with a public print. Proceeds will be used for general corporate purposes.
Originally founded in 1997 and headquartered in Yongcheng, Henan Province, Yongcheng Coal & Electricity is wholly-owned by Henan Energy Chemical Group Co., Ltd, a state-owned company wholly-owned by Henan Provincial State-owned Assets Supervision and Administration Commission.
The issuer is a leading coal enterprise in China mainly focusing on the coal business. It also has businesses in the railway, chemical, electric generation, apparel processing and trade industries.
Yongcheng primarily engages in the mining and processing of coal in China. Its products include refined anthracite, crude anthracite, middle lump anthracite, and small lump anthracite. As of 30 September 2017, it had recoverable coal reserves of 2.9 billion tons, primarily in the southeast and mid-west of Henan, Guizhou and Xinjiang provinces. Coal capacity production was 41.4 million tons in 2016.