Bloomberry successfully refinances P72.0 billion loan

October 15, 2024 – 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 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.

The Company anticipates that Solaire Resort North will augment cash flows generated by the Group as it ramps-up in the coming quarters. The first dividend under this policy will be declared once Management and the Board of Directors are satisfied with the Company’s overall performance and cash flows, subject to the conditions set out above.

About Bloomberry Resorts Corporation

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.

For more information, please visit http://www.bloomberry.ph and https://www.solaireresort.com

Bloomberry’s latest sustainability report is available here: https://bloomberry.ph/sustainability/sustainability-report