International Entertainment Corporation (IEC) has fully repaid its promissory notes and secured bank borrowing using proceeds from its convertible notes deal with DigiPlus Interactive Corp., according to a filing to the Hong Kong Stock Exchange on Wednesday.
The debt repayment was funded through the first tranche of IEC’s HK$1.6 billion ($205.1 million) convertible notes arrangement with DigiPlus. The company completed the first subscription on March 3rd, 2026, raising HK$800 million ($102.6 million).Â
According to the filing, approximately HK$489.22 million ($62.7 million) of the net proceeds was allocated to repay the promissory notes, while approximately HK$392.39 million ($50.3 million) was used to settle the secured bank borrowing.
The repayment forms part of IEC’s broader deal with DigiPlus Interactive Corp., the Philippines’ leading online gaming provider, which is acquiring a majority stake in IEC through the convertible notes subscription. The transaction marks DigiPlus’s expansion from online gaming into the land-based segment through consolidation of IEC, which owns and operates the five-star New Coast Hotel Manila, an integrated hotel and casino complex licensed by the Philippine Amusement and Gaming Corporation (PAGCOR).
The notes are being issued in two tranches of HK$800 million ($102.6 million) each, with the second tranche expected to close within three months of the first. Upon full conversion at an initial price of HK$1.00 per share, DigiPlus would hold approximately 53.89 percent of IEC’s enlarged share capital.
