Bloomberry raises P11.4B from debt notes

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Bloomberry Resorts Corp. raised as much as P11.4 billion from a debt notes issuance in partnership with group of local banks, a transaction seen providing the company partial funding to expand its $1-billion Solaire Manila Resort and Casino project in Pasay City.

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The Enrique Razon-led company informed the Philippine Stock Exchange on Monday that its subsidiary, Sureste Properties Inc. (SPI), and SPI’s subsidiary Bloomberry Resorts and Hotels Inc. (BRHI), have executed an P11.4-billion corporate notes facility agreement with a group of local banks.

Specifically, these banks are BDO Unibank Inc. BDO Leasing and Finance Inc., BDO Private Bank Inc., China Banking Corp., Robinsons Bank Corp. and United Planters Bank.

The proceeds of the corporate notes facility, according to Bloomberry, is intended to partially finance the construction of the Phase 1 expansion of the hotel and entertainment building complex of the Solaire Resort and Casino.

BDO Capital and Investment Corp. acted as the lead arranger and sole bookrunner for the corporate notes facility.

First development to rise in the Philippine Amusement and Gaming Corp.’s Entertainment City, the Phase 1 of Solaire officially opened on March 16 last year.

From the time it opened, Solaire has been a significant growth driver in Bloomberry’s income.

As early as the second quarter of last year, the major increase in the company’s net income was attributed to Solaire.

In the company’s previous financial statements, Bloomberry reported a P22.7-million net income during the second quarter of 2013, which is a complete turnaround from the net loss of P126.9 million it recorded during the same period in 2012.

Also, Bloomberry’s net revenues stood at P3.6 billion for the period, with gross gaming revenues amounting to P3.89 billion and nongaming revenues from hotel, food and beverage, retail and others reaching P267 million.

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