China XD Plastics enters $135 million 364-day credit facility

By Marisa Wong

Los Angeles, Oct. 3 – China XD Plastics Co. Ltd. announced that subsidiary Xinda Holding (HK) Co. Ltd. entered into a $135 million facility agreement on Thursday.

The bank consortium is led by Industrial and Commercial Bank of China (Macau) Ltd. as mandated lead arranger, and the lending syndicate also includes Standard Chartered Bank (Hong Kong) Ltd., China Citic Bank International Ltd., Ping An Bank Co. 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.

The facility bears interest at Libor plus 200 basis points.

The term loan will primarily be used to refinance some of Xinda Holding’s outstanding debt as well as to pay fees, costs and expenses relating to the refinancing.

China XD develops, manufactures and sells polymer composite materials primarily for automotive applications. The specialty chemical company is based in Harbin, China.

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