COSCO Shipping International (Singapore) (SGX:F83) said its unit, SH Cogent Logistics, has secured an SG$18 million one-year term loan from Bank of China's (HKG:3988, SHA:601988) Singapore branch, according to a Monday filing on the Singapore Exchange.
The loan will refinance two maturing bank loans and support working capital, the company said in the filing.
The facility is backed by a corporate guarantee from COSCO Shipping International and includes change-of-control provisions requiring full repayment under certain ownership shifts.
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