Dynex Power Announces Final Drawing under Mortgage Backed Facility

04.09.12

Dynex Power Announces Final Drawing under Mortgage Backed Facility

04 September 2012

Lincoln, England, September 4th, 2012 - 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.”
 

For more information:

Dr. Paul Taylor
President and Chief Executive Officer
or
Bob Lockwood
Chief Financial Officer
Dynex Power Inc.
Tel: UK +44 1522 500500
Email: paul_taylor@dynexsemi.com