Bloomberry raises P11.4 billion to fund Solaire complex expansion

Posted at 02/11/14 7:22 AM

MANILA - Bloomberry Resorts Corp. (BRC) reported on Monday it has issued P11.4 billion worth of corporate notes to bankroll the expansion of its resort and casino facility in Pasay City.

The company said in a regulatory filing that its subsidiary firm Sureste Properties Inc. (SPI) and its unit Bloomberry Resorts and Hotels Inc. (BRHI) signed a corporate notes facility agreement with BDO Unibank Inc., BDO Leasing and Finance Inc., BDO Private Bank Inc., China Banking Corp., Robinsons Bank Corp. and United Coconut Planters Bank.

BRHI served as an issuer, SPI as surety and BDO Capital & Investment Corp. as the lead arranger and sole bookrunner for the facility.

“The proceeds of the corporate notes facility is intended to partially finance the construction of Phase 1-A expansion of the hotel and entertainment building complex of Solaire Resort & Casino,” BRC said in the disclosure.

The $1.2-billion Solaire complex features the first casino to open within the Pagcor Entertainment City. Bloomberry opened the first phase in mid-March last year. It currently has an estimated inventory of 500 hotel rooms, suites and bayside villas; 300 gaming tables and over 1,000 slot machines.

The resort-cum-casino is allotting P20.5 billion for Phase 1-A expansion project, targeted to be finished by the third quarter of 2014.

This will add 308 rooms to the all-suite hotel tower as well as a retail area, 1,800-seat theater, nightclub and more bistros.

Solaire generated P4.12 billion in revenues in the third quarter of 2013.