HARBIN, China, Aug. 29, 2016 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) (the
"Company"), one of China's
specialty chemical players engaged in the development, manufacture
and sale of modified plastics primarily for automotive
applications, today announced that its wholly owned subsidiary,
Xinda Holding (HK) Company Limited, a wholly owned subsidiary of
the Company, entered into a facility agreement (the "Facility
Agreement") on August 22, 2016 for a
loan facility in an aggregate amount of $180
million with a consortium of banks and financial
institutions led by Standard Chartered Bank (Hong Kong) Limited.
Pursuant to the Facility Agreement, the proceeds of the loan
facility shall be applied primarily to the previously approved
redemption of a certain US$150
million 11.75% guaranteed senior notes due 2019 issued by
Favor Sea Limited. The Facility Agreement is guaranteed by the
Company, Favor Sea Limited, Xinda (HK) Trading Company Limited, and
AL Composites Materials FZE.
This news release is for informational purpose only and is not
an offer to buy any securities of the Company.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 28 automobile brands manufactured in
China, including without
limitation, Audi, Mercedes Benz,
BMW, Buick, Chevrolet, VW Passat, Golf and Jetta, Mazda, and
Toyota. The Company's wholly-owned research center is dedicated to
the research and development of polymer composites materials and
benefits from its cooperation with well-known scientists from
prestigious universities in China.
As of June 30, 2016, 379 of the Company's products have been
certified for use by one or more of the automobile manufacturers in
China. For more information,
please visit the Company's English website at
http://www.chinaxd.net.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the intention to redeem
the Notes and the means to finance the redemption. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or to changes in its expectations, except as may be required by
law. Although the Company believes that the expectations expressed
in these forward looking statements are reasonable, it cannot
assure you that its expectations will turn out to be correct, and
investors are cautioned that actual results may differ materially
from the anticipated results.
Contacts:
China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1 (212) 747-1118
Email: cxdc@chinaxd.net
Investor Relations: Grayling Communications Inc.
Ms. Vivian Chen, Managing
Director
US: +1 (347) 481-3711
Email: Vivian.chen@grayling.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-xd-plastics-announces-that-subsidiary-xinda-holding-hk-company-limited-enters-into-loan-facility-300319195.html
SOURCE China XD Plastics Company Limited