China BAK Subsidiary Secures $13 Million Credit Facility to Help Build New Production Line

China BAK Battery Inc. announced that its Shenzhen BAK Battery Co. Ltd. subsidiary secured a $13 million credit facility with China Development Bank. The four-year term loan carries an annual interest rate of 6.48%, equivalent to The People's Bank of China's benchmark rate for such term loans, according to China BAK.

Shenzhen BAK plans to use the credit to help build an automated prismatic cell production line. The company claimed that, combined with existing credit, the new facility is expected to provide it with sufficient capital to support its current needs.

China Development Bank operates under the jurisdiction of the state to provide financing for projects in industries considered vital to the nation's national economy.