Friday, November 22, 2013

"LDK Solar Announces Onshore Financing Arrangement for RMB 1.56 Billion"

Announced yesterday:

XINYU CITY, China and SUNNYVALE, Calif., Nov. 21, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (LDK), a leading vertically integrated manufacturer of photovoltaic products, today announced that its onshore subsidiary, Jiangxi LDK Solar Hi-Tech Co., Ltd., signed a framework agreement on November 11, 2013 with a syndicate of 11 commercial banks in China for a credit facility in the aggregate principal amount of RMB 1.56 billion. The use of proceeds of the credit facility is strictly limited to financing LDK Solar's onshore operations within Jiangxi Province, and may not be used to service any existing indebtedness, whether onshore or offshore. The facility will terminate on November 10, 2016, and each loan under the facility may not have a maturity date later than such termination date. Each drawdown under the facility will be made in the absolute discretion of the syndicate and will be subject to additional conditions (including early repayment) imposed by the syndicate on a draw-specific basis. The syndicate has designated a working group to monitor the use of the funds and controlled bank accounts arrangements will be implemented.


Opium War said...

The Chinese clearly don't believe in capital structures or priority of payment.

Rob Dawg said...

Hotel ChiCommunista. You can check in any time you like but you can never leave.

CP said...

Such a lovely structural subordination