Ambow Education Holding Ltd. Creditors Convert US$35 million of Loans into Class A Ordinary Shares.
BEIJING, Sept. 9, 2014 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company" AMBOY), a leading national provider of educational and career enhancement services in The People's Republic of China, today announced that China Education Investment Holding Limited ("CEIHL") and SummitView Investment Fund I, L.P. ("SummitView") converted a total of US$35 million of loans made to the Company into Class A ordinary shares.
In accordance with the terms and provisions of the Second Amended and Restated Loan Agreement (the "Loan Agreement") between CEIHL, the Company and eight of the Company's subsidiaries, CEIHL converted US$30 million of loans and became the registered holder of 501,508,621 Class A ordinary shares. The conversion was effective on September 5, 2014. On that same date, SummitView converted US$5 million of loans in accordance with the Loan Agreement and an Assignment and Assumption Agreement entered into between CEIHL and SummitView, and became the registered holder of 83,584,770 Class A ordinary shares.
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. (AMBOY) is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China.
For investor and media inquiries please contact:
For investor and media inquiries please contact: Ms. Sylvia Wang VP Finance Ambow Education Holding Ltd. Tel: +86-10-6206-8112 Email: firstname.lastname@example.org
SOURCE Ambow Education Holding Ltd.
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|Date:||Sep 9, 2014|
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