PNB inks syndicated loan deal with Bloomberry for Solaire Vertis North

Philippine National Bank (PNB) has inked a loan deal with Enrique Razon-led Bloomberry Resorts to finance the construction of Solaire Vertis North.

The Lucio Tan-led lender said it signed and omnibus loan and security agreement with Bloomberry Resorts and Hotels Inc. and Sureste Properties Inc. as one of the co-lenders in the P40-billion, 10-year syndicated term-loan facility.

The co-lending banks include BDO Unibank Inc., Metropolitan Bank and Trust Co., Union Bank of the Philippines, Philippine Bank of Commerce, China Banking Corp., and Robinsons Bank.

The loan will partially finance the design, construction, and development of an integrated hotel and gaming resort in Vertis North Complex, Quezon City.

Bloomberry Resorts and Hotels and Sureste Properties are both subsidiaries of Bloomberry Resorts Corp.

The loan agreement was signed on February 11, Monday, at Solaire Resort and Casino in Parañaque City.

PNB said it is co-financing 28.7 percent of the total loan syndication.

This project is the first of its kind in Northern Metro Manila,  which will be a big boost to the country’s tourism business,” PNB president and CEO Wick Veloso said.

“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,” he added.

BDO Capital and Investment Corp. is the lead arranger and sole bookrunner for the term-loan facility. —Ted Cordero/VDS, GMA News