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ACGBY Agricultural Bank of China (PK)

10.91
0.38 (3.61%)
20 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Agricultural Bank of China (PK) USOTC:ACGBY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.38 3.61% 10.91 10.68 10.91 10.9396 10.8805 10.938 17,600 21:03:57

Tesla Enters Loan Agreements With China Lenders for Shanghai Gigafactory

26/12/2019 11:12pm

Dow Jones News


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   By Dave Sebastian 
 

Tesla Inc. (TSLA) on Thursday said its Tesla (Shanghai) Co. Ltd. subsidiary entered into loan agreements this month with lenders in China for its Gigafactory Shanghai.

The agreements comprise a secured term loan facility of up to 9 billion Chinese yuan ($1.286 billion) and an unsecured revolving loan facility of up to CNY2.25 billion, Tesla said.

Tesla said it repaid on Dec. 20 its subsidiary's drawn amounts on an existing bridge-loan facility of up to CNY3.5 billion using proceeds from one of its new facilities.

The lenders include China Construction Bank Corp., Agricultural Bank of China Shanghai Changning sub-branch, Shanghai Pudong Development Bank Co. Ltd. and the Industrial & Commercial Bank of China Ltd.

Proceeds of the loans will be used for expenditures related to the construction of and production at the plant or to repay Tesla Shanghai's outstanding debt, Tesla said.

Tesla shares, which raced this week past the symbolic threshold of $420 a share, closed 1.34% higher Thursday at $430.94.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

December 26, 2019 17:57 ET (22:57 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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