Bloomberry Refinances PHP 72B Loan with Lower Rates

Bloomberry Resorts Corporation has successfully refinanced a PHP 72 billion loan, replacing its existing loan facilities during a signing ceremony held at Solaire Resort Entertainment City.

The loan refinanced a PHP 73.5 billion syndicated term loan facility obtained in 2018 and an additional PHP 20 billion term loan secured in December 2020.

The new syndicated refinancing facility has a 10-year term, extending until October 2034, with more than 65% of the balance due in the final five years.

Bloomberry Chairman and CEO Enrique K. Razon Jr. highlighted the benefits of the refinancing, stating, “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 refinanced loan is priced at a spread 75 basis points lower than the previous facilities, with an option to fix interest rates within 12 months, enabling the company to take advantage of expected interest rate cuts.

Lenders involved in the syndicated facility include BDO Unibank, Inc., Bank of the Philippine Islands, China Banking Corporation, and Philippine National Bank.

BDO Capital and Investment Corporation acted as the lead arranger and sole bookrunner, while BDO Unibank’s Trust and Investments Group served as the security trustee, facility agent, and paying agent.

Bloomberry Resorts Corporation, listed on the Philippine Stock Exchange, operates premier destinations like Solaire Resort Entertainment City and Solaire Resort North, with international ventures like Jeju Sun Hotel & Casino in South Korea.