Narrative
Full Description
Project narrative
Between September 1, 2016 and August 31, 2017, Shanghai Pudong Development Bank (SPDB) entered into a £9 million GBP revolving loan facility with Star Education Investment Limited — an England and Wales-incorporated special purpose vehicle that owns British private education provider Astrum Education Group Limited and is a wholly owned subsidiary of Shanghai Sailing Qiyu Enterprise Management Consulting Centre LLP — for unspecified purposes. This loan carried an interest rate based on the market rate provided by SPDB on each transaction plus a margin of 1.35% per annum. Shanghai Sailing Qiyu Enterprise Management Consulting Centre — a special purpose vehicle (SPV) and joint venture of Shanghai Sailing Jiaotong University Education Equity Investment Fund Partnership (Limited Partnership), an equity fund managed by Shanghai Sailing Equity Investment Fund Partnership (Limited Partnership), as limited partner and Shanghai Runqi Investment Management Center (Limited Partnership) as general partner — issued a standby letter of credit as a guarantee for this loan agreement. As of August 31, 2017, £5 million GBP had been drawn down.
Staff comments
1. This loan is not mentioned in "Star Education Investment Limited Annual Report and Financial Statements For the Year Ended 31 August 2018", a £16.95 million GBP revolving loan facility provided by the Agricultural Bank of China (Record ID#99988) is present, having been entered into that year. It is possible that loan refinanced the SPDB loan. This issue merits further investigation.