Bloomberry Resorts Corp. has successfully obtained a P40-billion syndicated refinancing facility from seven local banks to restructure its existing debt and ease future repayment obligations. This new facility, with a 10-year term, replaces a previous P40-billion loan from 2019 that partially funded the construction of Solaire Resort North. The refinancing offers a lower interest margin and flexible payment options, enabling Bloomberry to navigate anticipated interest rate changes and optimize its cash flow.
Bloomberry Resorts Corp. said Wednesday it obtained a P40-billion syndicated refinancing facility from seven banks to ease its debt service requirements.
The interest margin is 75 basis points lower than the original facility, and the borrowers have the option to fix the interest rate within the next 12 months. “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments,” Bloomberry chairman and chief executive Enrique Razon Jr. said.
The refinancing comes after the successful opening of Solaire Resort North last year, which marked a major expansion for Bloomberry and solidified its presence in the Philippine gaming and hospitality industry.
FINANCE DEBT REFINANCING BLOOMBERRY RESORTS PHILIPPINE ECONOMY
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