China Development Bank provides a $38 million USD foreign exchange loan to Shanxi Tianshuo Investment Management to support its acquisition of MLTH Holdings Inc. (Linked to Record ID#101862)

Project narrative

On December 16, 2013, China Development Bank Corporation (CDB) entered into a $38,000,000 USD Foreign Exchange Loan Agreement (No. 3310201301100000497) and a $95,700,000 USD Foreign Exchange Loan Agreement (No. 3310201301100000513) with Shanxi Tianshuo Investment Management Company Limited — a Chinese company owned by a Chinese firm manufacturing aluminum alloy for automotive wheels, Wanfeng Auto Holding Group Co., Ltd. — to support its acquisition of all (100%) the shares in the capital stock of MLTH Holdings Inc. and the purchasing of MLTH's existing credit facilities. Record ID#101861 captures the $38 million USD loan. Record ID#101862 captures the $95.7 million USD loan. This loan was secured by (i.e. collateralized against) a security interest in all the issued and outstanding shares of Wanfeng (Canada) Light Alloy Industry Co., Inc. — a Canadian subsidiary of England and Wales-incorporated of Wanfeng (UK) Light Alloy Industry Co, Ltd, itself a Wanfeng Auto Holding affiliate — and the dividends, moneys, rights, and claims associated with it, namely 100 common shares (certificate No. C-1) held by Wanfeng (UK) Light Alloy Industry Co, Ltd, any cash dividends or other moneys now received in respect of the shares, and all other rights and claims in respect of the shares as pledged by Wanfeng (UK) Light Alloy Industry Co, Ltd per a securities pledge agreement dated June 13, 2014 in favor of CDB. The charge was satisfied on November 27, 2014. Wanfeng (UK) Light Alloy Industry also delivered a guarantee to CDB for the loans. The acquisition was announced in December 2013 and closed on December 19, 2013. Wanfeng (Canada) Light Alloy Industry Co., Ltd. directly acquired the shares. The final purchase consideration was around RMB 1.1 billion ($170 million USD). At the time of the acquisition, Strathroy, Ontario, Canada-based MLTH Holdings Inc. was the holding company of Meridian Lightweight Technologies Inc., a firm designing, engineering, and manufacturing magnesium and aluminum die casting. Meridian Lightweight was the world's largest supplier of magnesium die casting components and assemblies, with its customers including global automotive manufacturers. Meridian Lightweight had over 1,500 employees and manufacturing locations in Strathroy, Ontario, Canada, Eaton Rapids, Michigan, the United States, Ramos Arizpe, Mexico, Sutton-in-Ashfield, United Kingdom, and Anting, Shanghai, China.