On November 21, CNBM announced that on November 20, 2023, East China Materials (a wholly-owned subsidiary of Tianshan Cement , a subsidiary of CNBM) entered into a shelf-based asset sale and purchase agreement with Debon Asset Management. In relation to the
agreement, Huadong Material sold and transferred the underlying assets to Debon Asset Management, namely the creditor's rights and related interests related to 121 accounts receivable, involving a total book value of RMB1.037 billion. The consideration is the sum of the purchase price of each underlying asset, and the transfer consideration of the first phase of underlying assets is RMB1.01 billion.
On the same day, Huadong Materials and its relevant subsidiaries entered into a service agreement with Debon Asset Management, which appointed Huadong Materials and its relevant subsidiaries as the asset service institutions for the asset-backed special plan. Provide management services and other services related to the holding, disposal and acquisition of underlying assets and their recovery for asset support special plans.
In addition, Tianshan Cement, as the undertaker of balance payment, issued a letter of commitment for balance payment to Debon Asset Management, and Tianshan Cement assumed the obligation of balance payment for the difference between the funds of the asset-backed special plan insufficient to pay the expenses of the asset-backed special plan and the expected income payable for each period and the total outstanding principal balance of the holders of priority asset-backed securities.
It was disclosed that the transaction costs were expected to be no more than 2.8% of the book value of the accounts receivable under the shelf for each assignment. It is calculated with reference to the general market standard for the costs and expenses of the asset-backed securities issued for the underlying assets of the Accounts Receivables to be Transferred, which generally include but not limited to the interest expenses of the asset-backed securities and the appropriate fees charged by independent third parties during the term of the asset-backed securities (such as custody fees, taxes, redemption fees, etc.).
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