Bloomberry Resorts Corp. said Tuesday subsidiary Bloomberry Resorts and Hotels Inc. (BRHI) signed a P72-billion syndicated refinancing facility with a consortium of banks.
The agreement replaces an existing P73.5-billion loan obtained in 2018 and an additional P20-billion loan secured in December 2020, the company said in a disclosure to the stock exchange.
“We view this refinancing as a positive development that will allow the company to lighten its debt service and preserve cash as Solaire Resort North ramps-up, improve the company’s bottom line, and ultimately ensure the consistent return of capital to our shareholders in the coming years,” said Bloomberry chairman and chief executive Enrique Razon Jr.
The lending syndicate includes BDO Unibank, Bank of the Philippine Islands, China Banking Corp. and Philippine National Bank.
BDO Capital and Investment Corp. acted as the lead arranger, while BDO Unibank’s Trust and Investments Group served as the security trustee and facility agent.
Bloomberry is recognized for developing premier entertainment destinations, including the flagship Solaire Resort in Paranaque City and the newly-constructed Solaire Resort North in Quezon City, which represents a $1-billion investment in luxury hospitality.
The share price of Bloomberry fell 0.88 percent to close at P7.89 Tuesday.
