12.4 Billion Loan Due Later Month, Tianqi Lithium Reveals May Not Be Available | Tianqi Lithium_Sina Finance_Sina.com

Original title: 12.4 billion loan maturing at the end of the month,Tianqi lithiumPersonal exposure may not have increased

　　Reporter | Zhou Xiaoshao

Two years ago, Tianqi Lithium (002466.SZ) owed a huge loan to a merger and acquisition of a “snake-swallowing elephant”. Now, a short-term loan is likely to go unpaid.

On the evening of November 13, Tianqi Lithium issued a risk warning that it could not repay the principal and interest of a large amount of debt owed.

Tianqi Lithium announced that according to the precedentCITIC BankThe main M&A loan syndicate (hereinafter referred to as the syndicate) has signed the relevant agreement, the US $ 1.884 billion (approximately RMB 12.441 billion) of M&A loans will expire at the end of November this year, representing 179.35 % of its most recently controlled net assets.

Tianqi Lithium said it has formally submitted a request to adjust the loan term structure to the union, but is currently under review. There is a possibility that the loan cannot be successfully extended at maturity and cannot be repaid on time and in full, resulting in insolvency.

Tianqi Lithium has temporarily suspended payment of part of the interest on M&A loans due in 2020.

So far, Tianqi Lithium has collectively paid approximately 471 million yuan in interest on unpaid syndicated M&A loans, accounting for 6.76% of its most recently controlled net assets.

Tianqi Lithium said it is still actively doing related work such as introducing strategic investors at the controlling shareholder level, in order to alleviate the current low liquidity situation, reduce leverage and optimize the structure of the assets and liabilities of the company. ‘company.

A person in the lithium battery industry told Jiemian News that Tianqi Lithium was like a batteryIt was Ningde(300750.SZ) seeks help, hoping the other party will become a strategic investor, but there has been no movement in the Ningde era.

If Tianqi Lithium is unable to find strategic investors and repay its debts at the end of November, it may face further litigation, arbitration, bank accounts and asset freezes due to overdue debts, and may even be required to pay related damages. paid, default fees and interest penalties. .

This will affect its manufacturing operations and business development, increase its financial expenses, further increase its financial pressure, and negatively affect its performance for the year.

Tianqi Lithium also stated in its November 13 risk announcement that there are major litigation, arbitration issues and related performance risks, the risk of building the project or achieving lower than expected production, and the risk that the shareholder of control holds the lien rate of the company’s stock.

A number of debt problems faced by Tianqi Lithium Industry originated from a cross-border merger and acquisition in 2018.

In May, Tianqi Lithium acquired a 23.77% stake in Chilean SQM for a consideration of $ 65 per share and a total transaction amount of $ 4.066 billion (converted to RMB 25.89 billion at the exchange rate at the date signature). Including related expenses such as management fees, the total amount of the merger and acquisition was $ 4.226 billion.

SQM is one of the three largest global giants of salt lake lithium extraction. Tianqi Lithium hopes to rely on this acquisition to extend its mining lithium business to salt lake lithium.

To complete the acquisition, Tianqi Lithium raised a total of US $ 3.5 billion through syndicated loans and foreign funds, and a further US $ 726 million was liquidated with own funds.

But after spending large sums of money to acquire MQ, lithium prices started plummeting.

Taking lithium carbonate products as an example, the price fell from over 160,000 yuan / ton in early 2018 to around 42,000 yuan / ton now, a drop of more than 70%.

This greatly affected Tianqi Lithium’s profitability and liquidity. In 2019, Tianqi Lithium lost 2.824 billion yuan, moving from one profit to another compared to the same period last year.

In the first three quarters of this year, Tianqi Lithium lost 1.1 billion yuan, a decrease of 890.95% year on year.

Tianqi Lithium also runs the risk of withdrawal. According to the announcement, if the operational performance of Tianqi Lithium in 2020 cannot be significantly improved and achieve a turnaround, after its disclosure of the verified “Annual Report 2020”, there is a possibility that the exchange will Shenzhen will implement a delisting risk warning.

Tianqi Lithium’s business includes the production of lithium compounds and derivatives and the extraction and production of lithium concentrates. Establish production and resource bases in Sichuan, Jiangsu, Chongqing and Australia in China. Its controlling shareholder is Chengdu Tianqi Industrial (Group) Co., Ltd.

Responsible director: Yang Yalong