Bloomberry gets P40-billion loan from 7 local banks 

Bloomberry Resorts Corp. said Wednesday it obtained a P40-billion syndicated refinancing facility from seven banks to ease its debt service requirements, according to a report by Manila Standard.

Bloomberry said in a disclosure to the stock exchange the facility would refinance its existing P40 billion syndicated term loan from February 2019, which helped partially fund the construction of Solaire Resort North.

It represented Bloomberry’s second completed refinancing facility in four months.

The new P40-billion facility mirrors a P72-billion facility secured in October 2024. It has a 10-year term, expiring in February 2035, while the principal payment schedule is structured such that heavier payments are made in the last three years of the facility.

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.

Bloomberry said the features of the new debt facility would lighten its debt service requirements over the coming years and would enable it to benefit from anticipated interest rate cuts in the next 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 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,” Razon 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.

The syndicate of lenders includes 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.

BDO Capital & Investment Corp. was the lead arranger and sole bookrunner, while BDO Unibank Inc. – Trust and Investments Group served as the security trustee, facility agent and paying agent.

Bloomberry, through its subsidiary Bloomberry Resorts and Hotels Inc. (BRHI), signed a P72-billion syndicated refinancing facility with a consortium of banks in October 2024.

The share price of Bloomberry went down by 2.12 percent Wednesday to P3.70.