Deutsche Bank begeleidt Chinees mijnbouwconcern

Yanzhou Coal Mining Co. (1171) plans to meet with bond investors from today to discuss a possible sale of dollar-denominated subordinated notes with no fixed maturity.

The Shandong-based miner’s securities will be issued by a wholly-owned unit and guaranteed by Yanzhou Coal, it said in a statement to the Hong Kong stock exchange yesterday. Proceeds will be used for debt repayment, capital expenditure, working capital and general corporate purposes, the miner said.

Moody’s Investors Service assigned a provisional Ba2 rating to Yanzhou Coal’s possible offering, two steps below investment grade, according to an e-mailed statement today. Fitch Ratings expects to give the securities an equivalent BB grade, it said separately.