Bloomberry COO increases shareholding via Stock Incentive Plan
Thomas Arasi now directly owns around 16.6m shares in Bloomberry.
The Philippines.- Bloomberry Resorts has announced through a company filing that Thomas Arasi, its president and chief operating officer, has increased his shareholding under the company’s Stock Incentive Plan. Arasi received nearly 9.3m shares at a price of PHP7.78 (US$0.13) per share. He now has direct ownership of approximately 16.6m shares in the casino operator. He indirectly controls another 21.9m.
Bloomberry’s stock incentive plan was extended in 2022. The plan does not offer a stock option but provides a grant of shares as an additional form of compensation to eligible recipients.
Meanwhile, the company has signed a PHP72bn (US$1.24bn) syndicated refinancing facility that replaces a previous PHP73.5bn (US$1.27bn) loan facility acquired in 2018 and a PHP20bn (US$345.5m) term loan obtained in December 2020. The agreement was reached with a group of banks.
The company said the agreement is priced at a spread 75 basis points lower than the previous facilities, with an option to fix the interest rate within the next 12 months. “This feature will allow Bloomberry to benefit from further interest rate cuts that are expected to be implemented in the coming months,” the company said.
The group of lenders comprises BDO Unibank, Bank of the Philippine Islands, China Banking Corporation, and Philippine National Bank. BDO Capital and Investment Corporation acted as the main organiser and only book-runner, while BDO Unibank – Trust and Investments Group will serve as the security trustee, facility agent and paying agent.
The company said Solaire Resort North is expected to contribute to the group’s cash flows as it becomes more profitable in the coming quarters. The venue opened in Quezon City in May and is expected to achieve full operational capacity within two years.
