Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Tesla Enters Loan Agreements With China Lenders for Shanghai Gigafactory

share with twitter share with LinkedIn share with facebook
share via e-mail
12/26/2019 | 06:58pm EDT

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

Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED 0.59% 3.39 End-of-day quote.-8.67%
AGRICULTURAL BANK OF CHINA LIMITED 3.89% 2.94 End-of-day quote.0.00%
BANK OF CHINA LIMITED 3.60% 2.88 End-of-day quote.0.00%
CHINA CONSTRUCTION BANK CORPORATION 5.38% 6.27 End-of-day quote.0.64%
CHINA CONSTRUCTION BANK CORPORATION 1.09% 6.47 End-of-day quote.-11.48%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 4.03% 5.16 End-of-day quote.1.38%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 0.58% 5.21 End-of-day quote.-11.90%
SHANGHAI PUDONG DEVELOPMENT BANK CO., LTD 0.10% 10.24 End-of-day quote.-17.30%
TESLA, INC. -2.61% 514.36 Delayed Quote.22.96%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.24% 7.0865 Delayed Quote.1.82%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
12:44pUK to help stricken businesses by easing regulation
RE
11:43aGlobal Economic Fallout Grows as Coronavirus Cases Pass 600,000 -- 2nd Update
DJ
11:28aEXCLUSIVE : Amazon entices warehouse employees to grocery unit with higher pay
RE
10:03aCENTRAL BANK OF REPUBLIC OF TURKEY : Press Release on Maximum Interest Rate for Credit Cards (2020-20)
PU
10:00aNamibia suspends mining operations as coronavirus lockdown takes effect
RE
09:53aAlgeria's annual inflation slips in February
RE
09:15aMore States Charge Fees for Electric Vehicles
DJ
08:18aOFFICE OF PRESIDENT OF ISLAMIC REPUBLIC OF : President Ghani meets with Kabul-based EU Ambassadors
PU
08:15aWho's Left Out of Coronavirus Stimulus Payments? Many College Students, Adult Dependents
DJ
08:11aAs virus threatens, U.S. embraces big government, for now
RE
Latest news "Economy & Forex"