Bloomberry Resorts Corporation’s subsidiary Bloomberry Resorts and Hotels, Inc. (BRHI) has secured P20 billion in fresh funds.
In a disclosure to the Philippine Stock Exchange, Bloomberry said BRHI has signed, with a syndicate of banks, an amendment to the P73.5 billion Omnibus Loan and Security Agreement for an additional facility in the principal amount of P20 billion. The facility was oversubscribed.
“Securing an additional funding option during this difficult time is a landmark achievement for our company and a resounding vote of confidence by our lenders,” said Bloomberry Chairman Enrique K. Razon, Jr.
The additional facility will be available for two years from the signing of the amendment agreement and any amount borrowed will be payable within five years from the date of the first drawdown.