Specialty Chemical Company China XD Plastics Signs $135 Million Financing Agreement With A Banks Consortium Led By Industrial And Commercial Bank Of China

HARBIN, China — October 3, 2019 — China XD Plastics Co. Ltd. — one of China’s specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications — today announced that Xinda Holding (HK) Co. Ltd., a subsidiary of the company, has entered into a $135 million Facility Agreement, dated October 2, 2019, with a Banks Consortium led by the Industrial and Industrial and Commercial Bank of China (Macau) Ltd. (ICBC) as mandated lead arranger and the lending syndicate includes Industrial and Commercial Bank of China (Macau) Ltd., Standard Chartered Bank (Hong Kong) Ltd., China CITIC Bank International Ltd., Ping An Bank Company Ltd. China (Shanghai) Pilot Free Trade Zone Branch, Bank of Shanghai (Hong Kong) Ltd., Nanyang Commercial Bank Ltd., Shanghai Rural Commercial Bank Zhangjiang Hi-Tech Sub Branch, China Minsheng Banking Corp. Ltd., Hong Kong Branch, and Tai Fung Bank Ltd.

According to the terms of the facility agreement, the consortium will provide Xinda Holding up to $135 million. The facility carries an interest rate at 2 percent per annum over LIBOR payable every three months. The 364-day term loan facility will primarily be used to refinance certain of Xinda Holding’s outstanding debt as well as to pay fees, costs and expenses relating to the refinancing.

“Working with a consortium led by ICBC, the world largest commercial bank by assets, speaks volume of the confidence that world leading financial institutions have in our business and brand,” commented Jie Han, chairman and CEO of China XD Plastics. “This financing will provide additional liquidity and financial stability to our company. We look forward to broader long-term cooperation with ICBC and other banks of the Consortium. In the past few years, ICBC has been leveraging its global service network to actively provide comprehensive financial support for Chinese companies going global and China’s “One Belt and One Road” initiative. ICBC’s overseas network has been extended to 42 countries and territories over the world, ranking the first among all Chinese-funded financial institutions in terms of global network coverage.”

Posted October 22, 2019

Source: China XD Plastics

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