The new loan, signed at Solaire Resort Entertainment City, replaces a 2019 term loan originally used to fund the construction of Solaire Resort North.
This marks Bloomberry’s second refinancing in four months, following its P72-billion facility in October 2023.
Flexible terms
The 10-year loan runs until Feb. 2035, with heavier principal payments scheduled in the last three years and a 75-basis-point lower interest margin than the original loan.
The deal also allow Bloomberry to benefit from expected interest rate cuts in the coming months.
Which banks participated?
The lenders include 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, with BDO Capital & Investment Corp. as lead arranger and sole bookrunner.
Management’s view
“Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments,” Razon said.
“The timely refinancing of our P40 billion facility demonstrates our proactive financial management stance and our commitment to provide a consistent return of capital to our shareholders,” he added.
