Bloomberry Resorts Corp. has obtained a P72 billion syndicated loan to refinance borrowings of P93.5 billion from 2018 and 2020.
The new package executed by Bloomberry Resorts and Hotels Inc. as borrower, with Sureste Properties Inc. as surety and third-party security provider, replaces an existing P73.5 billion syndicated and a P20 billion additional term loan facility obtained in December 2020.
Chairman and CEO Enrique K. Razon Jr. described the refinancing as a significant move that will ease the company’s debt service obligations and enhance cash flow, particularly as Solaire Resort North prepares to ramp up operations. Razon emphasized that this development is expected to improve the company’s bottom line and ensure consistent capital returns to shareholders in the coming years.
The syndicate of lenders includes BDO Unibank Inc., Bank of the Philippine Islands, China Banking Corp., and Philippine National Bank, with BDO Capital acting as the lead arranger and sole bookrunner.
The loan, payable over ten years until October 2034, maintains a back-ended principal payment schedule similar to its predecessor, with more than 65 percent of the balance due in the final five years. Notably, the updated loan features a spread 75 basis points lower than previous facilities and offers an option to fix the interest rate within the next 12 months, allowing Bloomberry to potentially benefit from anticipated interest rate cuts in the near future.
