Sanya Changfeng obtains rmb20m loan to support Xiangdong project
The Term Loan will have a six-year term from the effective date of the first initial withdraw, and bear interest of 120% prime rate set by the People's Bank of China (the central bank of China). The Term Loan will be secured by the fixed assets, land use rights and buildings in the Xiangdong Project and jointly guaranteed by Sanya Changfeng Offshore Natural Gas Distribution Co., Ltd. ("Sanya CF"), a wholly-owned subsidiary of the Company in Sanya city, Hainan Province, China.
"We are very pleased with our successful Term Loan financing for the Xiangdong Project," stated Mr. Huajun Lin, Chairman and CEO of the Company. "As our first pipelined gas project in Mainland China, it proves the sustainability of our business development model and demonstrates the capability and professionalism of our team members as well. Additionally, we are pleased to see the continued support and confidence in our business by the Bank of China."
About Changfeng Energy Inc.
Mr. Kevin M. Zhang
Chief Financial Officer
Changfeng Energy Inc.
Ms Ann S.Y. Lin
416.362.5032 firstname.lastname@example.org www.changfengenergy.com
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