Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

Bloomberry refinances P72-B loan

BLOOMBERRY.PH

RAZON-LED Bloomberry Resorts Corp. has refinanced a P72-billion loan to enhance financial stability and preserve cash.

Bloomberry subsidiaries Bloomberry Resorts and Hotels, Inc. (BRHI), as borrower, and Sureste Properties, Inc. (SPI), as surety and third-party security provider, signed a P72-billion syndicated refinancing facility with a group of banks on Tuesday, the listed integrated resort operator said in an e-mailed statement.

The new loan facility replaces the existing P73.5-billion syndicated term loan facility obtained in 2018 and the P20-billion additional term loan facility that BRHI obtained in December 2020.

“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,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said.

Bloomberry’s 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.

The feature will allow the company to benefit from further interest rate cuts that are expected to be implemented in the coming months.

The banks involved in the refinancing loan include BDO Unibank, Inc., Bank of the Philippine Islands, China Banking Corp., and Philippine National Bank.

BDO Capital served as lead arranger and sole bookrunner, while BDO Unibank, Inc. – Trust and Investments Group is the security trustee, facility agent, and paying agent.

Bloomberry’s integrated resort portfolio includes Solaire Resort Entertainment City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino (Jeju City) in Korea.

On Tuesday, Bloomberry shares fell by 0.88% or seven centavos to P7.89 apiece. — Revin Mikhael D. Ochave

    You May Also Like

    Stock Markets

    PHILIPPINE STAR/ MICHAEL VARCAS THE World Bank (WB) said it returned a “satisfactory” rating on progress made by the Department of Agriculture in enhancing...

    Finance

    The UK is set to create nearly 38,000 jobs and attract £63 billion in investment following the International Investment Summit, which focused on infrastructure,...

    Finance

    With the Labour government set to present its first budget on 30 October, anticipation is mounting as businesses and individuals alike brace for potential...

    Finance

    The UK tech industry is on edge as speculation mounts over potential changes to Capital Gains Tax (CGT) in the upcoming Autumn Budget. Leading...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Captain Of Success. All Rights Reserved.