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.
China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1 (212) 747-1118
Investor Relations: Grayling Communications Inc.
Ms. Vivian Chen, Managing Director
US: +1 (347) 481-3711
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SOURCE China XD Plastics Company Limited