CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Feb 12, 2025
2. SEC Identification Number
A199904864
3. BIR Tax Identification No.
204-636-102
4. Exact name of issuer as specified in its charter
Bloomberry Resorts Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
The Executive Offices, Solaire Resort & Casino, 1 Asean Avenue, Entertainment City, Barangay Tambo, Parañaque CityPostal Code1701
8. Issuer's telephone number, including area code
(+632) 88838920
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Unclassified Shares, Php1.00 par value
11,458,691,084
11. Indicate the item numbers reported herein
Item 9. Other Events
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Bloomberry Resorts CorporationBLOOM
PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Bloomberry refinances P40.0 billion Solaire North loan.
Background/Description of the Disclosure
February 12, 2025 – In a signing ceremony held at Solaire Resort Entertainment City, Bloomberry Resorts Corporation (Bloomberry) subsidiaries Bloomberry Resorts and Hotels, Inc. (BRHI) and Sureste Properties Inc. (SPI), as borrowers, signed with a group of banks a P40.0 billion Syndicated Refinancing Facility. This was documented as the Sixth Amendment to refinance the existing P40.0 billion Syndicated Term Loan Facility obtained by the borrowers in February 2019 to partially finance the construction of Solaire Resort North. This is the second refinancing exercise successfully completed by Bloomberry in the last four months.
The key features of the P40.0 billion Syndicated Refinancing Facility are similar to the P72 billion facility obtained in October last year. The new facility carries a term of 10 years or until 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 on the loan is 75 basis points lower than the original facility and gives the borrowers the opportunity to fix the interest rate in the next 12 months.
These features will lighten debt service requirements over the coming years and allow Bloomberry to benefit from anticipated interest rate cuts in the next months.
Enrique K. Razon Jr., Bloomberry Chairman and CEO, commented, “Our recent refinancing activities optimize our cash flow by reducing annual interest and principal payments. 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.”
The syndicate of lenders includes 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 served as lead arranger and sole bookrunner while BDO Unibank, Inc. – Trust and Investments Group is the security trustee, facility agent, and paying agent.