PNB signs landmark deal with Bloomberry Resorts and Sureste Properties

(L-R) PNB EVP and Institutional Banking Sector Head Jun Audencial, Bloomberry Resorts and Hotels, Inc. Chairman Enrique K. Razon, PNB President and CEO Wick Veloso, and PNB Capital and Investment Corp. President Gerry Valenciano.

Senior executives from lending banks and key officers of Bloomberry Resorts and Hotels Inc. and Sureste Properties, Inc. sign the memorandum of agreement for the financing of the SolaireMetro North construction.

Philippine National Bank (PSE: PNB) signed an Omnibus Loan and Security Agreement with Bloomberry Resorts and Hotels Inc. (BRHI) and Sureste Properties, Inc. (SPI) as one of the co-lenders in the Php40-billion, 10-year syndicated term loan facility to partially finance the design, construction and development of an integrated hotel and gaming resort that will rise at the Vertis North Complex, Quezon Cityin 2022. The signing was held on February 11 at the Solaire Resort and Casino in Paranaque City.

The Lucio Tan-led universal bank is co-financing 28.7% of the total allocation for the entire loan syndication. In his message, PNB President and CEO Wick A. Veloso said, “The lenders are proud to be a part of this project – the first of its kind in Northern Metro Manila – which will be a big boost to the country’s tourism business. The Solaire Metro North will give rise to more revenues for the city, new job opportunities, and improved personal income for employees, translating to a more robust economy for the city and, consequently, for the country.”

BDO Capital and Investment Corporation is the lead arranger and sole bookrunner for the said term loan facility and the co-lending banks include BDO Unibank, Metrobank, Union Bank, Bank of Commerce, China Bank, and Robinsons Bank.