DGAP-News: China Specialty Glass secures loans of over EUR 30 million
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Capital Increase
China Specialty Glass secures loans of over EUR 30 million
02.05.2012 / 14:04
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China Specialty Glass secures loans of over EUR 30 million
Gruenwald/Munich, May 2, 2012 - China Specialty Glass AG (CSG), the German
holding company of one of the largest producers of security glass in China,
announces that the management board and the supervisory board of China
Specialty Glass AG have agreed to enter into two secured loan agreements
with the Shanghai Branch and the Singapore Branch of Credit Suisse AG
('Credit Suisse') amounting to approx. EUR 24.0 million and approx. EUR 7.6
million, respectively, as arrangers, lenders, facility agents and security
agents. The funds will be used to finance the capital expenditure and
working capital demands. The financing is subject to certain conditions
precedent before drawdown.
The first loan will be a RMB 200 million (approx. EUR 24.0 million) secured
term loan, which will serve for the partial financing of the new production
facilities in Guangzhou. These new facilities are expected to accelerate
the CSG business development. The loan bears interest on 150% of the
People's Bank of China (PBoC) basic loan rate, in total currently
approximately 10 per cent p.a. and has a term of three years.
The second loan will be a USD 10.0 million (approx. EUR 7.6 million)
convertible term loan facility serving mainly for purposes of capital
injection to a Guangzhou incorporated subsidiary of CSG to support further
business growth. The loan bears interest on a 6 months LIBOR plus margin
basis, in total currently approximately 10.73 per cent p.a., and has a term
of three years. The loan is convertible, at the sole option of the lenders,
into 8.0 per cent to 10.13 per cent (on a pre-listing basis) of the shares
of a newly formed offshore subsidiary of CSG should the Company decide to
float such subsidiary provided a certain valuation is reached. Should no
such listing occur or should Credit Suisse not exercise the conversion
option, the loan will be repaid at maturity plus a performance fee.
About China Specialty Glass AG
China Speciality Glass AG is the German holding company of China Specialty
Glass Group. The group develops, produces and sells specialty glass. The
company's major products sold under its 'Hing Wah' brand are security
glass, which includes bulletproof glass, intruder resistant glass, bomb
blast resistant glass and self-defence glass as well as construction glass,
which includes architecture laminated glass, architecture tempered glass,
fire resistant glass, hollow glass and electric-controlled colour-changing
glass. For security glass products in the Chinese banking and automotive
industry, the Group is one of the market leaders both in terms of
production output and market share.
The shares of China Specialty Glass AG are listed in the Prime Standard of
Frankfurt Stock Exchange (ISIN DE000A1EL8Y8 / WKN A1EL8Y / Ticker 8GS).
For further information, please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 39
F: +49 40 60 91 86 60
E-Mail: baden(at)kirchhoff.de
or visit www.csg-ag.com
End of Corporate News
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02.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: China Specialty Glass AG
An den Römerhügeln 1
82031 Grünwald
Germany
Phone: +49 (0)89 189 42 52 27
Fax: +49 (0)89 189 42 52 28
E-mail: ir(at)csg-ag.com
Internet: http://www.csg-ag.de
ISIN: DE000A1EL8Y8
WKN: A1EL8Y
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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