Microvast subsidiary enters RMB 800M syndicated loan for Huzhou battery plant expansion

Microvast Holdings, Inc.

Loan up to RMB 800M (~$111.1M) at floating rate LPR+115bp, initial ~4.8%, maturity through Dec 2026.
Proceeds dedicated to 4GWh annual li-ion battery cell, module, and pack capacity expansion at Huzhou.
Conditions: Borrower self-funds at least RMB 500M; SaiYuan restructures RMB 500M convertible bonds (RMB 200M repaid by Dec 2022, RMB 300M extended to Jan 2027).
Repayment schedule: RMB 30M by Jun 2023, rising to RMB 150M by Dec 2026; secured by land and buildings.
Availability period through June 9, 2023; default interest on overdue convertible bonds set at 12%.

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