Bloomberry Resorts Corporation Successfully Refinances P72.0 Billion Loan

In a signing ceremony held at Solaire Resort Entertainment City, Bloomberry Resorts Corporation (Bloomberry) subsidiaries Bloomberry Resorts and Hotels, Inc. (BRHI), as borrower, and Sureste Properties Inc. (SPI), as surety and 3rd party security provider, signed with a group of banks the P72.0 billion Syndicated Refinancing Facility. The new 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.

​The P72.0 billion Syndicated Refinancing Facility provides for a term of 10 years, until October 2034. The refinanced loan maintains a back-ended principal payment schedule, similar to the structure of its predecessor. More than 65% of the balance will come due in the last five years of the facility.

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

Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented, ”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.”

The syndicate of lenders include BDO Unibank, Inc., Bank of the Philippine Islands, China Banking Corporation, and Philippine National Bank. BDO Capital and Investment Corporation served as lead arranger and sole bookrunner while BDO Unibank, Inc. – Trust and Investments Group is the security trustee, facility agent, and paying agent.

Listed on the Philippine Stock Exchange (PSE: BLOOM), Bloomberry Resorts Corporation is a leader in developing world-class destinations, comprising luxurious accommodations, premier gaming facilities, and exceptional dining. Its portfolio includes Solaire Resort Entertainment City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino (Jeju City) in Korea.

Solaire Resort North, a USD $1.0 billion venture, is the latest addition to the celebrated Solaire brand. It is Quezon City's inaugural luxury destination to offer authentic five-star services and amenities.