Borneo Oil Bhd has accepted Banking Facilities consisting of a term loan of RM50 million granted by Sabah Development Bank Bhd.
The facilities are a Term Loan Facility of up to the maximum aggregate principal amount of RM20 million and a Term Loan Facility of up to the maximum aggregate principal amount of RM30 million, Tranche 2.
The loans are for general working capital it said with no principal instalment on the 1st to 3rd month. The monthly instalment however will be RM172,413 each payable on the 4th to 119th month. A full repayment together with interest, default interest, and other outstanding costs shall be due and payable on the 120th month until indebtedness, including all principal amount, interest, default interest, and other costs, are fully repaid and settled.
As for Tranche 2, it will be advised based on the Bank’s review and assessment of Tranche 2 upon completion of all
documentation and compliance of all Conditions Precedent.
