Agricultural Bank of China provides a £16.95 million GBP revolving loan to Star Education Investment Limited for unspecified purposes

Project narrative

Between September 1, 2017 and August 31, 2018, the Agricultural Bank of China (ABC) entered into a £16.95 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 ABC on each transaction plus a margin of 1.35% per annum. There was no fixed repayment date for this loan, and ABC had no right to recall this loan. 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, 2018, £11.2 million GBP had been drawn down under this loan. As of August 31, 2019, £16.9 million GBP had been drawn down under this loan. As of August 31, 2020, the loan had been fully repaid by the borrower.