West China Cement refinances loans

West China Cement refinances loans
Published: 18 March 2010

West China Cement says that it has finalised the repayment of the US$60m term loan facility originally entered into on 29 May 2008.

A new term loan facility of US$50m has been agreed with the Industrial and Commercial Bank of China. The balance of the existing facility was repaid by WCC using internally generated resources.

In the event of a listing of WCC’s shares on the main Hong Kong Stock Exchange, WCC will be required to prepay 50% of the New Facility.

CEO Jimin Zhang says: "WCC will be able to repay the New Facility out of its internally generated resources even in the event of the Proposed Re-listing without a fundraising."