Listing: TSX Venture Exchange
Symbol: DNX
New Loan Replaces Two Existing Loans and Provides Some
Additional Liquidity to the Group
LINCOLN, ENGLAND, Aug. 25, 2015 /CNW/ - Dynex Power
Inc., a leading specialist high power semiconductor company, today
announced that its subsidiary, Dynex Semiconductor Ltd, had
borrowed £6 million from Zhuzhou CSR Times Electric (Hong Kong) Co., Ltd. The loan will be used to
repay an existing HK$8m loan from the
same company, to repay an existing CNY
31m from Zhuzhou CSR Times Electric Co., Ltd which was lent
to Dynex in the UK via Dynex Power Inc. and to provide the company
with some additional liquidity. The loan carries interest at 4% per
annum and is repayable in ten equal biannual installments starting
in December 2015.
Bob Lockwood, Chief Financial
Officer commented, "This new loan provides Dynex in the UK with
approximately £2m of additional liquidity and also enables us to
repay two existing loans. Taking the new loan in Sterling
eliminates any foreign exchange exposure in the UK and the new
structure reduces withholding taxes on the interest. The loan is at
a competitive rate which will lower our borrowing costs going
forward."
About the Company
Dynex designs and
manufactures high power bipolar semiconductors, high power
insulated gate bipolar transistor (IGBT) modules, high power
electronic assemblies and radiation hard silicon-on-sapphire
integrated circuits (SOS IC's). The company's power products are
used worldwide in power electronic applications including electric
power transmission and distribution, renewable and distributed
energy, marine and rail traction motor drives, aerospace, electric
vehicles, industrial automation and controls and power supplies.
Our IC products are used in demanding applications in the aerospace
industry. Dynex Semiconductor Ltd is its only operating business
and is based in Lincoln, England
in a facility housing the fully integrated silicon fabrication,
assembly and test, sales, design and development operations.
Dynex is majority owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed
on the Hong Kong Stock Exchange. CSR Times Electric is mainly
engaged in the research, development, manufacture and sales of
locomotive train power converters, control systems and other
train-borne electrical systems, as well as the development,
manufacturing and sales of urban railway train electrical systems.
In addition, CSR Times Electric is also engaged in the design,
manufacturing and sales of electric components including power
semiconductor devices for the railway industry, urban railway
industry and non-railway purposes.
Press announcements and other information about Dynex Power Inc
are available at www.dynexpower.com.
Information about Dynex Semiconductor Ltd and its products can
be found at www.dynexsemi.com.
Further information on CSR Times Electric can be found at
www.timeselectric.cn/en.
All monetary values expressed in this release are in Canadian
Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of
the information in this press release.
SOURCE Dynex Power Inc.