Summit Ascent extends maturity date of US$120m loan to SunTrust

Suntrust got the loan to develop a hotel and casino in Manila.
Suntrust got the loan to develop a hotel and casino in Manila.

Summit Ascent Holdings has extended the maturity date of a US$120m loan to SunTrust Resort Holdings until July 18, 2022 mainly due to the Covid-19 pandemic.

The Philippines.- Summit Ascent Holdings Ltd has reported that it has agreed a nine-month extension on the maturity date of a US$120m loan given to SunTrust Resort Holdings, a Suncity Group subsidiary in the Philippines.

In a joint statement to the Hong Kong Stock Exchange, Summit Ascent and Suncity Group Holdings said the date would be extended from November 18, 2021, to July 18, 2022. Suncity got the loan to develop a 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City.

According to the latest filing from Suncity Group, the project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines for both mass and VIP markets. It will also include a parking facility with 960 spaces.

As a feature of the arrangement, Summit Ascent has agreed to subscribe to new convertible bonds in the maximum aggregate principal amount of PHP6.4bn (US$130m).

Suntrust is controlled by Hong Kong-listed Suncity Group Holdings Ltd, which has recently posted revenue of HK$129.5m (US$16.6m) for the first half of 2021.

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land-based casino Summit Ascent Suntrust