Narrative
Full Description
Project narrative
Circa September 13, 2012, CRRC Times Electric (Hong Kong) Co., Ltd. — a Hong Kong-incorporated Chinese state-owned company and a wholly-owned subsidiary of Zhuzhou CRRC Times Electric Co., Ltd. (TEC), a Chinese state-owned company specializing in mass transit electric drive converter and control systems — entered into a $8 million HKD ($1.0 million CAD) loan agreement with Dynex Semiconductor Limited — an England and Wales-incorporated specialist high power semiconductor manufacturer headquartered in Lincoln, England and wholly-owned subsidiary and sole operating company of Dynex Power Inc., a Canada-incorporated company headquartered in England listed on the TSX Venture Exchange but 75% owned by Zhuzhou CSR Times Electric Co., Ltd. — to fund the purchase new plasma etch equipment for its Lincoln, England facility. The loan carried a maturity period of three years and a fixed interest rate of 3.25%. The proceeds were to be used to fund the purchase new plasma etch equipment for Dynex Semiconductor's Lincoln, England facility, equipment that was viewed as essential to develop new products. Record ID#109475 captures the $8 million HKD loan. Prior to August 25, 2015, Zhuzhou CSR Times Electric entered into a RMB 31 million loan with Dynex Power for unspecified purposes. The loan was then on-lent to Dynex Semiconductor. Record ID#109476 captures the RMB 31 million loan. Circa August 25, 2015, Zhuzhou CSR Times Electric (Hong Kong) Co., Ltd. entered into a £6 million GBP loan agreement with Dynex Semiconductor Limited for refinancing and liquidity purposes. The loan carried a maturity period of five years repayable in ten equal biannual installments starting in December 2015 (a grace period of approximately 0.333 years) and a fixed interest rate of 4%. The proceeds were to be used to repay the existing $8 million HKD from Zhuzhou CSR Times Electric and to repay the existing RMB 31 million loan from Zhuzhou CSR Times Electric Co., Ltd which was lent to Dynex Semiconductor via Dynex Power Inc. and to provide the borrower with additional liquidity. Record ID#109477 captures the £6 million GBP loan.
Staff comments
1. Dynex designed and manufactured 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). Its power products were used globally 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. Its integrated circuts products were used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd was its only operating business and was based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design, and development operations.