Gelonghui, September 12 | ST Xinchao (600777.SH) announced that on August 15, 2024 (US Central Time), the company's American subsidiary MosScreekResources Holdings, Inc. has successfully privately issued high-yield bonds totaling 0.75 billion US dollars in the US market for a period of 7 years and an annual fixed interest rate of 8.25%. For details, please refer to the “Notice Concerning the Completion of Issuance of Non-public High-Yield Bonds by MosscreekResources Holdings, Inc., an American subsidiary” disclosed by the company on August 17, 2024. As of the date of this announcement, the company American Sun Company has used the above 0.75 billion dollar bonds to raise capital and the company's own funds to repay all outstanding principal amounts of high-yield bonds issued by American Sun Company in January 2018 and May 2019. The total repayment amount is 0.999 billion US dollars.
This debt swap has reduced the balance of the company's high-yield bonds from 0.999 billion US dollars before the issuance of this high-yield bond to 0.75 billion US dollars at present, drastically reducing the size of the company's interest-bearing debt, and is expected to save the company about 25 million US dollars in financial costs every year, which will have a positive impact on the company's future business development.
