Two universities run by China Chunlai Education (HKG:1969) entered into loan agreements to borrow up to a total of 430 million yuan from Shanghai Pudong Development Bank's (SHA:600000) branches in China, a Monday Hong Kong bourse filing said.
The company-operated Anyang University agreed to borrow a working capital term loan of up to 240 million from the Anyang branch of the bank for the repayment of loans obtained from other banks.
Shangqiu University, another operated entity of the company, agreed to borrow a working capital term loan of up to 190 million yuan from the Shangqiu branch of the bank for the repayment of loans obtained from other banks.
Both loans have a term of 24 months starting from the first draw-down date and are secured by guarantees, with the universities also pledging certain account receivables in favor of their respective lenders.
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