The management of China Essence Group Ltd. (“China Essence” or the “Company”) wishes to provide an update on the refinancing of the US$50 million DBS bank loan.
Further to the announcement on 7 September 2010, the Company has agreed to make a US$10 million partial repayment to DBS Bank Ltd (“DBS”) before the end of the year and DBS has rolled over the outstanding US$50 million short-term loan in anticipation of the repayment. The Company is also working with DBS to term out the remaining US$40 million based on terms acceptable to both parties.
The Company will provide further updates when the financing terms and loan structure are finalised.