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Bloomberry Resorts Corp refinances US$686 million loan facility

Newsdesk by Newsdesk
Thu 13 Feb 2025 at 09:46
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Solaire Resort operator Bloomberry Resorts Corporation and its subsidiaries Bloomberry Resorts and Hotels, Inc and Sureste Properties Inc have signed with a group of banks a new Php40 billion (US$686 million) Syndicated Refinancing Facility, a refinancing of its existing Php40 billion Syndicated Term Loan Facility obtained in February 2019.

The original facility was obtained to partially finance the development of Solaire Resort North in Quezon City, opened in May 2024.

This is the second refinancing exercise successfully completed by Bloomberry in the last four months, the company noted, with its key features being similar to the Php72 billion (US$1.23 billion) facility obtained in October last year.

The new facility carries a term of 10 years or until February 2035, with the principal payment schedule structured such that heavier payments are made in the last three years of the facility. The interest margin on the loan is 75 basis points lower than the original facility and gives the borrowers the opportunity to fix the interest rate in the next 12 months.
According to detailed filed by Bloomberry, these features will lighten debt service requirements over the coming years and allow Bloomberry to benefit from anticipated interest rate cuts in the next months.

“Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments,” said Bloomberry Chairman and CEO Enrique Razon Jr.

“The timely refinancing of our Php40 billion facility demonstrates our proactive financial management stance and our commitment to provide a consistent return of capital to our shareholders.”

The syndicate of lenders includes BDO Unibank, Inc, Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co, Philippine National Bank, and Union Bank of the Philippines.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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