Bloomberry Resorts Corp., led by Enrique K. Razon Jr., on Wednesday announced having successfully signed a P40 billion syndicated refinancing package from a group of banks. The facility, which refinances an existing syndicated term loan secured in February 2019, will help fund the continued development of the company’s Solaire Resort North in Quezon City.
This marks Bloomberry’s second refinancing exercise in just four months, underscoring the company’s ongoing strategy to optimize its financial position. The new loan carries a 10-year term, maturing in February 2035, with a repayment structure that sees heavier payments concentrated in the final three years. Importantly, the interest margin on the new loan is 75 basis points lower than the original package, providing significant cost savings.
“The refinancing not only reduces our debt service requirements but also positions us to take advantage of potential interest rate cuts in the coming months,” said Razon, Bloomberry chairman and CEO. He emphasized that these actions demonstrate the company’s proactive financial management and commitment to delivering consistent returns to shareholders.
The syndicate of lenders includes BDO Unibank Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corp., Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital and Investment Corp. served as lead arranger and sole bookrunner.
This refinancing strengthens Bloomberry’s position as it continues to expand and develop its integrated resort operations, securing better cash flow and reinforcing investor confidence in the company’s long-term stability.
