It is reported that Yanzhou Coal Mining intends to issue CNY 15 billion worth of 10-year corporate bonds, and the funds raised will be used to supplement working capital and to adjust its debt structure.

Controlling shareholder, Yanzhou Coal Group will provide guarantees for the bond issuance.

Should Yanzhou Coal fail to pay back the principal sum, the company will suspend dividend payments, postpone expenditure related to external investments and mergers and reduce the salaries of directors and senior management.

(Sourced from Shanghai Securities News)