Bloomberry refinances P40B loan, expects P900M annual savings

Bloomberry Resorts Corp. has refinanced a P40 billion loan, originally obtained in 2019 to fund the construction of Solaire Resort North, with a syndicated facility from major Philippine banks.

The refinancing is projected to save Bloomberry approximately P900 million annually in interest payments due to lower spreads.

The savings are expected to be reflected partly this quarter, with full benefits anticipated in the second quarter.

This deal optimizes cash flow by lowering annual interest and principal payments, extending the maturity date to 2035, and offering a flexible rate-fixing option.

Major Philippine financial institutions involved include BDO Unibank, Bank of Commerce, BPI, China Bank, Metrobank, PNB, and Union Bank, with BDO Capital & Investment Corporation acting as lead arranger.

This marks Bloomberry's second successful refinancing in the past four months, following a P72 billion facility obtained in October.