Dynex Power Announces Final Drawing under Mortgage Backed Facility
Completion of R&D Centre Allows Final Drawdown to be Made
Listing: TSX Venture Exchange
LINCOLN, England, Sept. 4, 2012 /CNW/ - Dynex Power Inc., a leading, high power semiconductor company, today announced that it made a final drawing of C$1.25 million under its mortgage backed facility.
At the start of construction of its new R&D facility, Dynex announced that it had purchased the Doddington Road site in Lincoln, England. Part of the financing of the purchase was provided by the first drawing on a loan facility secured by the property. A second drawing under the facility was available following completion of the new building.
Following the opening of the new R&D Centre, Dynex has drawn a further C$1.2 million under that facility. The loan is repayable in quarterly instalments over the next five years and carries interest at LIBOR plus 2.3%.
Bob Lockwood, Chief Financial Officer commented, "The mortgage backed facility was established to provide the major part of the funding to purchase the Doddington Road site and pay for the new building. The purchase of the freehold and construction of the R&D facility has added value to the business and that the two drawings under this facility represented an efficient source of funding for the project."
About the Company
Dynex designs and manufactures 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). The company's power products are used worldwide 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. Our IC products are used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. Dynex is majority owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong stock exchange. CSR Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CSR Times Electric is also engaged in the design, manufacturing and sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Press announcements and other information about Dynex are available at www.dynexsemi.com.
Further information on CSR Times Electric can be found at www.timeselectric.cn/en
All monetary values expressed in this release are in Canadian Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
SOURCE: DYNEX POWER INC.For further information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500