[Courtesy of LG Display]
SEOUL -- Four Chinese banks agreed to provide a syndicated loan of 20 billion yuan ($2.9 billion) to LG Display, a leading flat panel maker in South Korea. The loan would be used to build facilities for a new OLED joint venture plant in Guangzhou that would be put into operation in the second half of next year.
The loan comes from China Construction Bank, the Bank of Communication, the Agricultural Bank of China and the Bank of China, which will work together to provide funds for LG Display at a competitive rate for eight years.
In July last year, LG Display disclosed a 1.8 trillion won investment plan to set up a joint venture plant for 8.5-generation OLED panels at its existing LCD plant in Guangzhou. It was part of the company's total investment of 15 trillion won by 2020 to build facilities for large OLED and mid-sized plastic OLED (POLED) panels.
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