Ossen Innovation Announces Loan Financing of its Jiujiang Subsidiary
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, June 26, 2019 /PRNewswire/ -- Ossen Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that its subsidiary, Ossen (Jiujiang) Innovation Materials Co., Ltd. ("Ossen Jiujiang"), borrowed funds pursuant to two loans in the aggregate principal amount of RMB 129.5 million (approximately US$18.9 million) from the Bank of Shanghai. Pujiang International Group Limited ("Pujiang"), a Cayman Islands company which is listed in Hong Kong and which indirectly owns 65.9% of Ossen Innovation, has provided the guarantees and cash collateral for such loans. The loans carry an annual interest rate of 3.915%. One loan has a term of six months and the other loan a term of one year. The Company anticipates that Ossen Jiujiang will be able to roll over these loans when they become due. Ossen Jiujiang expects to use the proceeds of such loans prim
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