LET Group secures guarantee for US$51m loan
Sun Hung Kai, Summit Ascent Holdings’ main shareholder, is one of the guarantors.
Hong Kong.- Sun Hung Kai & Co Ltd, one of the main shareholders of Summit Ascent Holdings, willbe a guarantor of a HK$400m (US$51m) loan facility granted to LET Group Holdings Ltd, the former Suncity Group Holdings.
Sun Hung Kai and other parties now hold 69.66 per cent of LET Group. A week ago, the company announced it had entered into a loan agreement with four independent third-party lenders for a term of 12 months maturing on September 18, 2023.
It said that HK$380m of the loan will be utilised for the full repayment of the promissory note including interest accrued thereon and for the partial repayment of the 2018 convertible bonds.
The company said: “Upon completion of the aforementioned repayment, the remaining outstanding amount due together with interest accrued thereon under the 2018 convertible bonds will be approximately HK$226m. The remaining balance of the loan after deducting the relevant expenses will be used as general working capital of the group.”
