EC World REIT partially repays loans after releasing deposits from escrow
They released the deposits on 2 March and 7 March 2023.
To partially repay its loans, EC World REIT announced that it released funds from escrow, which it said it will help save on interest payments.
In a bourse filing, EC World REIT said $5.686m and US$1.8m were released from the February 2023 Offshore Deposit on 2 March. These were used for partial repayment of the Existing Offshore Bank Loans.
On 7 March 2023, it released RMB29.274m from the February 2023 onshore deposit which was used to repay the existing onshore bank loans.
Lenders confirmed they received the payments on these dates, said EC World REIT.
“As a result, as at the date hereof: (i) the outstanding amount of the Relevant Deposits is RMB 29,860,374.57, which continues to be held in escrow by the onshore facility agent under the Existing Onshore Bank Loans,” said the EC World REIT.