Bloomberry refinances P72B loan for lower interest

Bloomberry Resorts Corp., led by Razon, has refinanced a P72-billion loan to improve financial stability and preserve cash.

The new syndicated refinancing facility, signed with a group of banks on Tuesday, replaces the company's existing loans from 2018 and 2020.

Bloomberry Chairman Enrique K. Razon Jr. views this move as positive for reducing debt service and improving the bottom line as Solaire Resort North expands.

The new loan facility offers a lower interest rate spread by 75 basis points compared to previous facilities, with an option to fix rates within the next year.

Banks involved in the refinancing include BDO Unibank, Bank of the Philippine Islands, China Banking Corp., and Philippine National Bank.