FEDU - Four Seasons Education Secures Standby Letter of Credit Loan Facility with China Merchants Bank | Benzinga
SHANGHAI, Dec. 29, 2023 /PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four Seasons Education" or the "Company") (NYSE:FEDU), a tourism and education-related service provider in China, today announced that the Company has entered into a facility agreement (the "Facility Agreement") with China Merchants Bank Co.,Ltd. Singapore Branch for an uncommitted credit facility up to RMB110 million (in USD equivalent), which will be utilized to provide credit support for a domestic fixed assets loan (the "Loan") of RMB90 million.
The Loan will mature 84 months after the date of the Facility Agreement. The purpose of the Loan is primarily to fund the construction and development of Wuyuan Siji Gongda Integrated Practical Study Camp Project.
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a service provider of both tourism and education-related services in China. The Company's program, service and product offerings mainly consist of non-academic tutoring programs, school-based tutoring product solutions and training programs for teachers, study camps and ...