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Solaire QC secures P40-B funding deal

/ 05:20 AM February 15, 2019

Integrated gaming resort developer Bloomberry Resorts Corp. is seen to complete a new gaming hub at the Vertis North complex in Quezon City after securing a P40-billion funding deal with a syndicate of local banks.

Philippine National Bank and BDO Unibank, which, respectively, lent P11.5 billion and P10 billion, are the biggest contributors to this 10-year syndicated club loan.

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The interest rate is a spread of 1.75 percentage over the three-month Bloomberg Valuation Service (BVAL) with an option to convert to fixed term.

Bloomberry units Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. signed the omnibus loan and security agreement.

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Colenders Metropolitan Bank & Trust Co., Union Bank, Bank of Commerce, China Bank and Robinsons Bank lent the balance of P18.5 billion.

Proceeds from this loan facility will partially finance the design, construction and development of Bloomberry’s second integrated hotel and gaming resort.

PNB president and CEO Wick A. Veloso said: “The lenders are proud to be a part of this project —the first of its kind in Northern Metro Manila—which will be a big boost to the country’s tourism business. The Solaire Vertis North will give rise to more revenues for the city, new job opportunities, and improved personal income for employees, translating to a more robust economy for the city and, consequently, for the country.”

BDO Capital and Investment Corp. acted as the lead arranger and sole bookrunner for the term loan facility.

Bloomberry, which is led by tycoon Enrique Razon-led Bloomberry Resorts Corp., will rejoin the Philippine Stock Exchange index (PSEi) effective Feb. 18. It will replace oil refiner and distributor Petron Corp. in the 30-member PSEi, based on the results of the Philippine Stock Exchange’s (PSE) review of listed firms covering trading activity from January to December 2018.

The integrated gaming developer, the first to open a hub at Pagcor Entertainment City, is currently valued by the stock market at P128.8 billion.

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TAGS: Bloomberry Resorts Corp., gaming hub, Solaire, Vertis North complex
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