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Bloomberry eases short-term debt load via refinanced US$1.25 billion loan

Ben Blaschke by Ben Blaschke
Tue 15 Oct 2024 at 15:11
Bloomberry eases short-term debt load via refinanced US$1.25 billion loan
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Bloomberry Resorts Corp, operator of Philippines IRs Solaire Resort Entertainment City and Solaire Resort North, said Tuesday it has refinanced a Php72 billion (US$1.25 billion) loan in a move it says will lighten its short-term debt load.

The new Php72 billion Syndicated Refinancing Facility replaces the existing Php73.5 billion (US$1.27 billion) Syndicated Term Loan Facility obtained in 2018 and the Php20 billion (US$346 million) additional term loan facility that subsidiary Bloomberry Resorts and Hotels obtained in December 2020, the company explained.

It provides for a term of 10 years until October 2034 and maintains a back-ended principal payment schedule whereby more than 65% of the balance will fall due in the last five years of the facility.

Bloomberry said the updated loan is priced at a spread that is 75 basis points lower than the previous facilities and gives the option to fix the interest rate within the next 12 months, allowing the company to benefit from further interest rate cuts that are expected to be implemented in the coming months.

“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 CEO Enrique K. Razon Jr.

The syndicate of lenders include BDO Unibank, Inc, Bank of the Philippine Islands, China Banking Corporation and Philippine National Bank.

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Tags: Bloomberry Resorts Corpenrique razon jrloanPhilippinesrefinancingSolaire Resort Entertainment CitySolaire Resort North
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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