^

Business

Bloomberry adds P20 billion to existing bank loan facility

Iris Gonzales - The Philippine Star

MANILA, Philippines — Enrique Razon-led Bloomberry Resorts and Hotels Inc. (BRHI) has added P20 billion to an existing loan facility with a syndicate of banks.

In a disclosure yesterday, Bloomberry Resorts said it signed an amendment to the P73.5-billion omnibus loan and security agreement for an additional facility in the principal amount of P20 billion.

The additional funding will be used to support Solaire Resort & Casino’s cash requirements.

Solaire is Razon’s hotel and casino resort at Entertainment City in Parañaque.

The additional facility will be available for two years from the signing of the amendment agreement and can be drawn as needed to save on interest payments. Any amount borrowed will be payable within five years from the date of the first drawdown.

Interest payments on the loan will be based on a floating rate, calculated on a quarterly basis,” Bloomberry said.

The lenders consist of Sy-owned BDO Unibank Inc. and China Banking Corp., Tan-owned Philippine National Bank, the Gokongwei Group’s Robinsons Bank Corp., and United Coconut Planters Bank.

These banks are part of the original syndicate that participated in the P73.5 billion loan facility.

BDO Capital and Investment Corp. served as lead arranger and sole bookrunner while BDO Unibank Inc. – Trust and Investments Group was assigned as security trustee, facility agent, and paying agent.

RESORTS

Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with
no session for state
no session for code
no session for id_token
no session for user