The wholly-owned subsidiary of SUNEVISION (01686), Magnificent Development Limited, acting as the borrower, along with the company as the guarantor, has entered into a commitment financing agreement with Bank of China (Hong Kong) Limited as the lender. This agreement was executed on June 25, 2026.
Under the terms of the agreement, the lender has agreed to provide a bank financing facility comprising two components. The first is a term loan of up to HK$1.5 billion, and the second is a revolving loan facility of up to HK$1.5 billion.
The proceeds from this new financing arrangement are designated for two primary purposes. They will be used to refinance an existing loan facility of up to HK$3 billion that was originally provided by the same bank to the borrower in 2021, for which the company also acted as guarantor. Additionally, the funds will serve as general working capital for the group.
Regarding the repayment schedule, the amount drawn down under the term loan facility is required to be repaid in full 60 months from the date of the first drawdown under the facility. For the revolving loan, all amounts borrowed must be repaid or re-borrowed at the end of each interest period, with any outstanding balance due for full repayment by the final maturity date.
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