Xinchen China Power (01148) said it entered into a banking facility agreement with a financial institution as lender for a term loan facility of US$28.5 million.
The facility is repayable by six quarterly instalments, with the first instalment payable on the date falling 21 months after the date of drawdown and the last instalment payable on the date falling 36 months after the date of drawdown. The facility will be used to finance the capital expenditure and working capital of Mianyang Xinchen Engine, a wholly-owned subsidiary of Xinchen Power.
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