Joyou AG / Key word(s): Agreement
31.07.2014 16:16
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg, 31 July 2014. Joyou AG today entered into a USD 300 million
(approx. EUR 223.4 million) loan facility agreement with a consortium of
Japanese banks consisting of Sumitomo Mitsui Banking Corporation, The Bank
of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Bank, Ltd. A tranche of USD 150
million will be used for further investments in production facilities.
Another tranche of USD 150 million will be used to refinance existing
indebtedness, including related fees and expenses.
The loan has an annual interest rate of Libor (for the applicable interest
period - usually three months) plus 2.5 per cent.
The tranche to be used for investments in production facilities (the "Capex
Facility") will be used to fund various expansion projects of Joyou Group.
These include the expansion and relocation of the galvanisation plant, the
expansion of the plants for showerheads and faucets as well as the
completion of the second new plant for ceramics products.
The tranche to be used for the refinancing of existing loans (the
"Refinancing Facility") will be predominantly used to refinance a
syndicated loan which Joyou took out in June 2013 under the arrangement of
Nomura International (Hong Kong) Limited. Furthermore, it will be used to
refinance the outstanding amount under a loan taken out from Standard
Chartered Bank (Hong Kong) Limited in December 2012.
The facility has a term of five years. 50 per cent of each facility will be
repayable at the end of the term, while the other 50 per cent of each
facility will be repayable in equal instalments during the term starting on
31 October 2015 for the Refinancing Facility and on 31 July 2016 for the
Capex Facility.
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Information and Explaination of the Issuer to this News:
About Joyou
Joyou AG (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) is a leading
manufacturer and supplier of bathroom fixtures and fittings. Based in
Fujian Province, China, Joyou sells its products under the 'JOYOU' brand
name in its domestic market and selected international markets.
Internationally, Joyou is also a private label supplier for international
brands and trading companies around the world. In 2012 Joyou was the
leading single-brand manufacturers of bathroom faucets in China in terms of
revenues (according to BSRIA's China Bathroom Study 2013). Joyou has
established an extensive distribution network in China with over 4,100
individual franchised retail stores as of 31 December 2013.
For further information, please contact:
Joyou AG
GasstraÃe 18, Haus 6A
22761 Hamburg
Ian M. Oades, tel.: +86-595-8618 8887, ir@joyou.net
Kirchhoff Consult AG
Jens Hecht, tel.: +49 40 60 91 86 0, jens.hecht@kirchhoff.de
or visit the company website at: http://www.joyou.com
Disclaimer concerning prognoses
This communication contains forward-looking statements. Forward-looking
statements are statements that are not historical facts instead they
reflect Joyou's current views and expectations and the assumptions
underlying them about future events. Forward-looking statements are subject
to many risks and uncertainties. If any of such risks and uncertainties
materialise or if the assumptions underlying any of Joyou's forward-looking
statements are proving to be incorrect, Joyou's actual results may be
materially different from those expressed or implied by such
forward-looking statements. Joyou does not intend or assume any obligation
to update these forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made.
31.07.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Joyou AG
GasstraÃe 18, Haus 6 A
22761 Hamburg
Germany
Phone:
Fax:
E-mail: ir@joyou.net,andreas.friedemann@kirchhoff.de
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Joyou AG enters into USD 300 million loan facility agreement for investments and refinancing at favourable conditions
| Source: EQS Group AG