Latest news with #AndyCheung
Yahoo
01-07-2025
- Business
- Yahoo
CVG Announces Successful Completion of Debt Refinancing Transactions
Refinancing extends maturity to 2030 and increases flexibility NEW ALBANY, OHIO, June 30, 2025 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (together with its subsidiaries, the 'Company' or 'CVG') (NASDAQ: CVGI), a diversified industrial products and services company, today announced that on June 27, 2025 it had closed on $210 million in senior secured credit facilities, consisting of (i) a $95 million senior secured term loan facility (the 'Term Loan') with TCW Asset Management Company LLC (together with certain of its affiliates, the 'TCW Group'), as agent, and (ii) a $115 million senior secured asset-based revolving credit facility (the 'ABL Facility' and together with the Term Loan, the 'Senior Secured Credit Facilities') with Bank of America, N.A., as agent. The ABL Facility amended and restated the Company's existing senior secured revolving credit facility with Bank of America, N.A., as agent (the 'Existing Facility'), and a portion of the proceeds of the Senior Secured Credit Facilities was used to refinance outstanding obligations under the Existing Facility in an aggregate principal amount of $120,100,000. Andy Cheung, Chief Financial Officer, said, 'We are pleased to announce the successful refinancing of our debt facilities maturing in 2027, which marks an important milestone as we continue to advance our strategic operational initiatives. The new facilities provide a long runway of funding certainty and increased financial flexibility as we look to drive further cost reductions, margin improvement, and overall operational efficiency. Moving forward, we remain committed to deleveraging the balance sheet through free cash generation and disciplined debt paydown.' Term Loan of $95 million Obligations under the Term Loan will mature on June 27, 2030. The Term Loan will have tiered interest costs based on the consolidated total leverage ratio ranging from SOFR plus 8.75% with a leverage ratio < 3.50x to SOFR plus 10.75% with a leverage ratio > 6.25x. The SOFR floor is 2.00%. The initial interest rate payable under the Term Loan is SOFR plus 9.75%. Until June 28, 2028, voluntary prepayments of the Term Loan are subject to a premium, calculated as a percentage of the obligations so prepaid under the Term Loan, equal to (x) from June 27, 2025 until June 27, 2027, 4.00%, (y) from June 28, 2026 until June 27, 2028, 2.00% and (z) thereafter, none. The Term Loan is also subject to an excess cash flow sweep and certain other customary mandatory prepayment requirements. The Term Loan will be subject to certain financial covenants: a consolidated total leverage ratio covenant, tested quarterly, which will be initially set at 7.25x, with step-downs to 6.50x at December 31, 2025, 6.00x at March 31, 2026, 5.25x at June 30, 2026, and additional quarterly 0.25x step-downs until a ratio of 4.00x applicable from and after September 30, 2027. a maximum consolidated capital expenditure covenant, capped at $20 million in any fiscal year, and a sublimit of $10 million for foreign capital expenditures. a 30-day rolling minimum average liquidity requirement of $15 million. ABL Facility of $115 million Obligations under the ABL Facility will mature on June 27, 2030, springing to the date that is 91 days prior to the maturity of the Term Loan. The initial principal amount of the ABL Facility is $115 million, subject to availability under a borrowing base based on the Company's US and UK inventory and receivables. The ABL Facility comprises of a US subfacility in an initial principal amount of $100 million (the 'US Subfacility') and a UK subfacility in an initial principal amount of $15 million (the 'UK Subfacility'), in each case subject to availability under their respective borrowing bases. The US Subfacility further has a FILO tranche in a principal amount of $12.5 million, subject to availability under its borrowing base. The ABL Facility will be available in US Dollars, Pounds Sterling and Euros, and borrowings will accrue interest at SOFR, SONIA or EURIBOR, with margins based on average daily availability ranging from 1.50% if average daily availability > $50 million to 2.00% if average daily availability < $30 million. The FILO tranche will accrue interest at a 1% higher rate. The Company is also required to pay an unused line fee of 0.25% on any unutilized commitments under the ABL Facility. The Company will be required to comply with a maximum fixed charge coverage ratio of 1.00x, tested quarterly, during any trigger period. Such period shall be triggered upon availability dropping below the greater of 10% of the line cap and $10 million, and such period shall end upon availability exceeding this threshold for 30 consecutive days. Warrants In connection with the financing, TCW Group affiliates received five-year warrants for the purchase of up to 3,934,776 shares of the company's common stock, issued in two equal tranches. The tranches have an exercise price of $1.58 and $2.07, respectively. Until the fourth anniversary after issuance, the Company has the right to repurchase up to 50% of each tranche of warrants at a price equal to $1.40 or $1.00, respectively, above the applicable exercise price. Upon a refinancing of the new credit agreement, the holders can require the Company to repurchase up to 50% of each tranche at a price equal to the stock price of the common stock at the time of repurchase less the exercise price. The warrants contain customary anti-dilution adjustments. The Company has provided the holders with certain information and registration rights, including agreeing to file a registration statement within 45 days to register the resale of the shares underlying the warrants. The Company will file a Current Report on Form 8-K with the United States Securities Exchange Commission that will contain further details regarding the terms of the of the transactions. Company ContactAndy CheungChief Financial OfficerCVGIR@ Investor Relations ContactRoss Collins or Stephen PoeAlpha IR GroupCVGI@ About CVG CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as 'believe', 'anticipate', 'plan', 'expect', 'intend', 'will', 'should', 'could', 'would', 'project', 'continue', 'likely', and similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company's prospects in the wire harness, and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company's filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary in to access your portfolio
Cision Canada
26-06-2025
- Business
- Cision Canada
PredicXion Launches Asia's First Creator-Led, AI-Powered Prediction Market to Transform $63B Global Industry
TOKYO, June 26, 2025 /CNW/ -- PredicXion today announced the launch of its next-generation prediction market, purpose-built for the Asia-Pacific region. Designed to empower communities with real-time insights and decentralized participation, the platform allows users to propose, create, and engage in markets based on real-world events – spanning finance, politics, culture, and entertainment – with a mission to elevate APAC-focused narratives and trends often overlooked on global platforms. The launch follows growing global interest in prediction markets, marked by developments such as Polymarket's recent integration with X (formerly Twitter), a move that reflects rising mainstream awareness of decentralized forecasting tools. Against this backdrop, PredicXion introduces a creator-led model that redefines how digital forecasting is initiated, curated, and monetized. Through real-time AI event sourcing and intuitive market-building tools, the platform is positioned at the forefront of Asia's fast-growing Web3 ecosystem. Backed by leading Web3 investors and led by Andy Cheung – former COO of OKEx (now OKX), CEO of OEX, and architect of Prenetics' Bitcoin treasury strategy – PredicXion represents a bold leap toward a more inclusive, gamified, and community-driven forecasting economy. Beyond Prediction: The Dawn of a Creator-Led Forecasting Economy PredicXion transforms prediction markets by placing creators at the center of insight, engagement, and value creation. This revolutionary approach empowers anyone – from individual influencers and dynamic DAOs to innovative brands and content creators – to seamlessly launch and manage their own custom prediction markets. This decentralization of market creation unlocks unprecedented possibilities for engagement, community building, and monetization, all within an ecosystem curated by AI-powered, real-time event sourcing. "The future of prediction markets isn't just about forecasting; it's about participation, ownership, and community," asserts Andy Cheung. "PredicXion is democratizing market creation, transforming passive observers into active architects of their own forecasting experiences. By giving our community the power to build, engage, and earn within a gamified, AI-powered ecosystem, we're not just building a platform; we're cultivating a vibrant, self-sustaining economy where collective intelligence thrives and innovation is rewarded." This pioneering model allows creators to: Build Custom Markets: Tailor prediction events to their specific audience, niche, or brand, fostering deeper engagement. Monetize Engagement: Generate revenue directly from their prediction pools, creating new income streams. Cultivate Communities: Attract and retain highly engaged users through unique, interactive forecasting experiences. Leverage AI-Curated Events: Access a continuous stream of AI-sourced, real-time events, ensuring fresh and relevant market opportunities. Where Forecasting Becomes an Electrifying Sport: Gamified Experiences and Unprecedented Rewards PredicXion is revolutionizing the prediction market experience by infusing it with competitive, tournament-style formats designed to ignite user excitement and foster unparalleled retention. This isn't just about making predictions; it's about transforming forecasting into a daily, exhilarating sport where strategic thinking and timely insights are richly rewarded. Upcoming gamified experiences include: Alpha Arena: A high-stakes battle of wits where users predict major asset price movements across cryptocurrencies, stocks, and foreign exchange. Climb the live leaderboard, prove your analytical prowess, and claim your rightful place as a market oracle. The Prediction Cup: PredicXion's flagship annual tournament series, inviting users to forecast high-stakes global events. Compete across themed brackets for seasonal glory and grand prizes, solidifying your reputation as a master forecaster. Hype Hunter: A dynamic, real-time challenge to predict trending phenomena – from viral memes and cultural shifts to breaking celebrity news. Earn rewards by being an early identifier of the next big wave, demonstrating your finger on the pulse of global trends. "Prediction markets should be an adrenaline-pumping experience, not a daunting one," adds Andy Cheung. "We're turning forecasting into a daily sport – fun, fast, and incredibly rewarding. Our gamified approach ensures that every interaction is engaging, every prediction is a thrill, and every user feels the excitement of being at the forefront of market intelligence." Beyond the thrill of competition, PredicXion introduces a comprehensive suite of user-centric benefits designed to enhance participation and ensure that forecasting is not only entertaining but also financially empowering: Loss Coverage on Selected Markets: Mitigate risk and encourage participation with innovative loss coverage mechanisms on designated prediction pools. Exclusive Airdrop Opportunities: Gain access to coveted airdrops, providing direct value and incentivizing active engagement within the PredicXion ecosystem. Yield-Farming Prediction Pools: Participate in user-created prediction pools designed for yield farming, transforming active participation into potential passive income streams and maximizing financial returns. These innovative features are meticulously crafted to foster a vibrant, active community, ensuring that PredicXion is the most rewarding and dynamic prediction market platform in Asia. Built by Titans: A Team Forged in the Crucible of Web2 and Web3 Excellence PredicXion's potential for explosive growth is underpinned by the caliber of its founding team – a powerhouse collective of veterans who have honed their expertise at the intersection of Web2 and Web3. This synergistic blend of traditional tech prowess and cutting-edge blockchain innovation provides PredicXion with a unique advantage in navigating the complexities of the digital landscape. The team boasts deep experience from former leaders and professionals at globally recognized companies, including OKX, HTX, Animoca Brands, HKEX, Google, and Alibaba. This unparalleled concentration of talent, spanning exchange operations, blockchain development, AI, traditional finance, and large-scale technology platforms, positions PredicXion for rapid innovation and sustainable growth. With the strategic guidance of crypto pioneer Andy Cheung and the backing of top institutional investors, PredicXion is not just built for the future of forecasting; it is built by the architects of that future. "Our team is our most valuable asset," states Andy Cheung. "We've assembled a group of individuals who don't just understand the future of finance and technology; they've been instrumental in building it. This blend of Web2 scalability and Web3 innovation allows us to create a platform that is not only groundbreaking in its features but also robust, secure, and capable of serving millions of users across Asia. We are building PredicXion to be the most rewarding, fun, and community-first prediction platform in Asia, and with this team, we are confident in our ability to achieve that vision." About PredicXion PredicXion is an AI-powered, blockchain-based prediction market platform meticulously engineered for the Asia-Pacific region. By seamlessly integrating stables-backed forecasting, interactive user tournaments, and a revolutionary creator-led event market system, PredicXion delivers secure, engaging, and monetizable prediction experiences at scale. Driven by a vision to democratize forecasting and empower its community, PredicXion is poised to lead the next evolution of digital prediction.
Yahoo
18-06-2025
- Business
- Yahoo
Prenetics Acquires $20 Million In Bitcoin To Boost Healthcare Bitcoin Treasury Strategy
Prenetics Global Limited (NASDAQ:PRE) announced on Wednesday that it had completed a $20 million in Bitcoin (CRYPTO: BTC/USD) purchase of 187.42 BTC at an average price of $106,712 per Bitcoin via a Kraken custody account. The move follows divestitures that strengthened Prenetics' pro-forma cash to approximately $66 million and Pro-forma cash, BTC and short-term assets to roughly $117 million. The comprehensive long-term Bitcoin strategy, approved by its Board of Directors, includes board approval to allocate most of the company's balance sheet to Bitcoin, implement an alpha-generating strategy, and institutional discussions for expanded Bitcoin plans to increase its Bitcoin holdings substantially and aims to become one of the largest healthcare corporate Bitcoin holders globally. Prenetics also announced the appointment of Andy Cheung, former COO of OKEx, to its Board of Directors. Mr. Cheung, former COO of OKEx (now one of the world's top-3 cryptocurrency exchanges) and current Co-Founder & CEO of both OEX and PredicXion, brings a decade of crypto exchange operations expertise, managing billions in daily trading volume. Prenetics' Bitcoin initiative extends far beyond a simple treasury allocation. It represents a comprehensive long-term digital asset strategy directly inspired by successful corporate Bitcoin adopters like MicroStrategy and Metaplanet, who have demonstrated Bitcoin's transformative potential as a superior treasury asset. The Board has approved allocating most of Prenetics' balance sheet to Bitcoin. The company is actively discussing with leading financial institutions to develop a comprehensive long-term Bitcoin acquisition plan. The company said it will implement sophisticated alpha-generating strategies, including yield generation, strategic collateralization, and structured products, to maximize returns on its Bitcoin holdings. Prenetics will soon accept cryptocurrency payments across both of its direct-to-consumer platforms, including IM8 Health and CircleDNA, creating a Bitcoin ecosystem from treasury to operations. The company said it views Bitcoin not as a speculative investment but as a fundamental transformation of corporate treasury management for the digital age. Price Action: PRE stock closed higher by 7.13% at $7.51 on Tuesday. Read Next:Photo by Paopano via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? PRENETICS GLOBAL (PRE): Free Stock Analysis Report This article Prenetics Acquires $20 Million In Bitcoin To Boost Healthcare Bitcoin Treasury Strategy originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Zawya
24-04-2025
- Business
- Zawya
Chinachem Group Pioneers Asia's First Triple-Themed Syndicated Loan
Accelerating Green Buildings & Socially Inclusive Urban Development HONG KONG SAR - Media OutReach Newswire - 24 April 2025 - Chinachem Group ("CCG") announced today the successful closure of an HK$8 billion syndicated loan facility ("the Facility"), marking its debut syndicated loan and establishing a new benchmark for sustainable finance in Asia. As the region's first syndicated loan to combine green, social and sustainability-linked components, the Facility garnered exceptional market reception, with final commitments from 12 leading international, regional and local banks, oversubscribed by over 2.5 times the initial target. The overwhelming responses reflect CCG's exceptional financial position and strong corporate governance, which secure unwavering support and confidence from our banking partners despite the prevailing cautious market environments and geopolitical tension. With the new financing secured, CCG's financial and liquidity position is further bolstered, enabling it to continue investing, driving growth, and delivering sustainable long-term value. Adding to the enhanced financial strength, the innovative financing structure of the Facility also reinforces CCG's position at the forefront of responsible development while creating a replicable model for aligning financial instruments with sustainable urban transformation. Peter Brien, Chairman and Independent Non-Executive Director of Chinachem Group Holdings Limited, says, "This triple-themed Facility exemplifies our vision of building sustainable legacies – where environmental stewardship, social responsibility and financial performance converge. It directly accelerates our CCG 3050+ carbon reduction roadmap, which commits by 2030 to reduce carbon intensity by at least 51.8% from our 2020 baseline. By aligning financing with measurable sustainability outcomes, we're institutionalising responsible development at every level of our business." Andy Cheung, Executive Director and Chief Executive Officer of Chinachem Group, says, "The overwhelming support from our banking partners demonstrates our shared commitment to future-proofing Hong Kong's development. The Facility provides both the capital and accountability framework we need to deliver lasting value – for our stakeholders, our communities and our urban environment." The Facility operates under CCG's enhanced Sustainable Finance Framework, fully aligned with the "Hong Kong Taxonomy for Sustainable Finance" published by the Hong Kong Monetary Authority. The Facility is backed by: Mandated Lead Arrangers and Bookrunners 1. Bank of China (Hong Kong) Limited 2. DBS Bank Hong Kong 3. Hang Seng Bank Limited 4. The Hongkong and Shanghai Banking Corporation Limited Mandated Lead Arrangers 5. Fubon Financial Holding Co., Ltd. 6. Bank of Communications (Hong Kong) Limited 7. Industrial Bank Co., Ltd., Hong Kong Branch Lead Arranger 8. OCBC Bank (Hong Kong) Limited Arrangers 9. Bank of East Asia 10. China Everbright Bank Co., Ltd., Hong Kong Branch 11. Chiyu Banking Corporation Limited 12. Nanyang Commercial Bank, Limited Facility Agent Hang Seng Bank Limited Sole ESG Coordinator The Hongkong and Shanghai Banking Corporation Limited Hashtag: #ChinachemGroup The issuer is solely responsible for the content of this announcement. About Chinachem Group Founded in 1960, Chinachem Group ("CCG") is a leading private real estate company in Hong Kong. CCG manages a diverse portfolio of investment and development properties with a footprint of over 9 million square feet. Leveraging its extensive expertise in real estate development, CCG delivers high-quality residential spaces and maintains a robust pipeline of commercial projects, while its property services business creates value by managing assets for sustainable, long-term growth. CCG is also a hotel owner and operator, managing and operating properties under the Nina Hotels and Lodgewood by Nina Hospitality brands. The acquisition of Pine Care Group marks CCG's expansion into elderly care services, underscoring its commitment to delivering pristine care for the elderly. With a workforce of over 4,000 employees, CCG is dedicated to making better places to live, work and raise future generations in Hong Kong and beyond. Please visit Chinachem Group
Malay Mail
24-04-2025
- Business
- Malay Mail
Chinachem Group Pioneers Asia's First Triple-Themed Syndicated Loan
Accelerating Green Buildings & Socially Inclusive Urban Development Chinachem Group seals a key financial partnership with Bank of China (Hong Kong) Limited, DBS Bank Hong Kong, Hang Seng Bank Limited, and The Hongkong and Shanghai Banking Corporation Limited at the Signing Ceremony of the HK$8,000,000,000 Green, Social and Sustainability-Linked Syndicated Loan in Hong Kong on 24 April 2025. Mandated Lead Arrangers and Bookrunners Mandated Lead Arrangers Lead Arranger Arrangers Facility Agent Sole ESG Coordinator HONG KONG SAR - Media OutReach Newswire - 24 April 2025 - Chinachem Group ("CCG") announced today the successful closure of an HK$8 billion syndicated loan facility ("the Facility"), marking its debut syndicated loan and establishing a new benchmark for sustainable finance in Asia. As the region's first syndicated loan to combine green, social and sustainability-linked components, the Facility garnered exceptional market reception, with final commitments from 12 leading international, regional and local banks, oversubscribed by over 2.5 times the initial overwhelming responses reflect CCG's exceptional financial position and strong corporate governance, which secure unwavering support and confidence from our banking partners despite the prevailing cautious market environments and geopolitical tension. With the new financing secured, CCG's financial and liquidity position is further bolstered, enabling it to continue investing, driving growth, and delivering sustainable long-term to the enhanced financial strength, the innovative financing structure of the Facility also reinforces CCG's position at the forefront of responsible development while creating a replicable model for aligning financial instruments with sustainable urban Brien, Chairman and Independent Non-Executive Director of Chinachem Group Holdings Limited, says, "This triple-themed Facility exemplifies our vision of building sustainable legacies – where environmental stewardship, social responsibility and financial performance converge. It directly accelerates our CCG 3050+ carbon reduction roadmap, which commits by 2030 to reduce carbon intensity by at least 51.8% from our 2020 baseline. By aligning financing with measurable sustainability outcomes, we're institutionalising responsible development at every level of our business."Andy Cheung, Executive Director and Chief Executive Officer of Chinachem Group, says, "The overwhelming support from our banking partners demonstrates our shared commitment to future-proofing Hong Kong's development. The Facility provides both the capital and accountability framework we need to deliver lasting value – for our stakeholders, our communities and our urban environment."The Facility operates under CCG's enhanced Sustainable Finance Framework, fully aligned with the "Hong Kong Taxonomy for Sustainable Finance" published by the Hong Kong Monetary Facility is backed by:1. Bank of China (Hong Kong) Limited2. DBS Bank Hong Kong3. Hang Seng Bank Limited4. The Hongkong and Shanghai Banking Corporation Limited5. Fubon Financial Holding Co., Ltd.6. Bank of Communications (Hong Kong) Limited7. Industrial Bank Co., Ltd., Hong Kong Branch8. OCBC Bank (Hong Kong) Limited9. Bank of East Asia10. China Everbright Bank Co., Ltd., Hong Kong Branch11. Chiyu Banking Corporation Limited12. Nanyang Commercial Bank, LimitedHang Seng Bank LimitedThe Hongkong and Shanghai Banking Corporation LimitedHashtag: #ChinachemGroup The issuer is solely responsible for the content of this announcement. About Chinachem Group Founded in 1960, Chinachem Group ("CCG") is a leading private real estate company in Hong Kong. CCG manages a diverse portfolio of investment and development properties with a footprint of over 9 million square feet. Leveraging its extensive expertise in real estate development, CCG delivers high-quality residential spaces and maintains a robust pipeline of commercial projects, while its property services business creates value by managing assets for sustainable, long-term growth. CCG is also a hotel owner and operator, managing and operating properties under the Nina Hotels and Lodgewood by Nina Hospitality brands. The acquisition of Pine Care Group marks CCG's expansion into elderly care services, underscoring its commitment to delivering pristine care for the elderly. With a workforce of over 4,000 employees, CCG is dedicated to making better places to live, work and raise future generations in Hong Kong and beyond. Please visit
