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China Oceanwide subsidiary receives US$215M loan facility

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China Oceanwide subsidiary receives US$215M loan facility

A China Oceanwide Holdings Ltd. subsidiary secured a US$215.0 million term loan facility that will mature 364 days after its utilization date.

Global Max Opportunity IV Ltd. provided the loan to China Oceanwide Real Estate Development Holdings Ltd., which will use the amount to repay existing shareholder loans owed to the parent of the group. Any costs incurred from the process of obtaining the term loan facility will also be financed by funds from the loan.

The loan was secured against the mortgage of certain properties in Hawaii, the keepwell deed that the parties signed and all the issued shares in China Oceanwide Real Estate and the subsidiary guarantors that were pledged, pursuant to the agreement.