Lender deal with Bloomberry, Sureste

It’s all systems go for Solaire Vertis North Present during the signing of the omnibus loan and security agreement are (from left) PNB EVP and Institutional Banking Sector Head Jun Audencial, Bloomberry Resorts and Hotels Inc. chairman Enrique Razon, PNB president and CEO Wick Veloso and PNB Capital and Investment Corp. president Gerry Valenciano. contributed photo">It’s all systems go for Solaire Vertis North Present during the signing of the omnibus loan and security agreement are (from left) PNB EVP and Institutional Banking Sector Head Jun Audencial, Bloomberry Resorts and Hotels Inc. chairman Enrique Razon, PNB president and CEO Wick Veloso and PNB Capital and Investment Corp. president Gerry Valenciano. contributed photo

The Philippine National Bank has 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 P40-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 City in 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 percent 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 Vertis 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 term loan facility. The co-lending banks include BDO Unibank, Metrobank, Union Bank, Bank of Commerce, China Bank and Robinsons Bank.