Bloomberry Resorts Corporation has secured a PHP40 billion ($688 million) syndicated refinancing facility, marking a key step in its ongoing financial strategy.
According to a filing with the Philippine Stock Exchange on Wednesday, the new facility—signed by Bloomberry’s subsidiaries, Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties Inc. (SPI), with a group of banks—is documented as the sixth amendment to an existing syndicated term loan facility obtained in February 2019. The original loan was used to help finance the construction of Solaire Resort North.
This marks Bloomberry’s second refinancing initiative in just four months, following a PHP72 billion ($1.24 billion) refinancing secured in October of the previous year.
The PHP40 billion ($688 million) syndicated facility carries a 10-year term, extending until February 2035. While the loan’s principal repayment schedule remains front-loaded, with heavier payments due in the last three years, the facility brings several improvements to Bloomberry’s financial position.
Notably, the interest margin has been reduced by 75 basis points compared to the original facility, enabling the company to benefit from anticipated interest rate cuts in the near future. Additionally, the new facility provides the option for Bloomberry to fix the interest rate for the next 12 months, further enhancing its cash flow management capabilities.
Bloomberry is one of the Philippines’ leading land-based gaming operators, with its flagship property, Solaire Resort & Casino, located in Manila’s Entertainment City. Its footprint expanded to Quezon City with the launch of Solaire Resort North in May 2024.
Enrique K. Razon Jr., Chairman and CEO of Bloomberry, emphasized the strategic nature of this refinancing effort: “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments. The timely refinancing of our PHP40 billion facility demonstrates our proactive financial management stance and our commitment to providing a consistent return of capital to our shareholders.”
The syndicated loan facility was arranged with the backing of several key banks, including BDO Unibank, Inc., Bank of Commerce, Bank of the Philippine Islands, China Banking Corporation, Metropolitan Bank and Trust Co., Philippine National Bank, and Union Bank of the Philippines. BDO Capital & Investment Corporation acted as the lead arranger and sole bookrunner, while BDO Unibank, Inc. – Trust and Investments Group served as the security trustee, facility agent, and paying agent for the transaction.
