Summit Ascent to subscribe to US$152.5m in convertible bonds in Suntrust

The convertible bonds will be issued in tranches.

The Philippines.- Summit Ascent Investments, a subsidiary of Hong Kong-listed Summit Ascent Holdings, has agreed to subscribe to convertible bonds worth up to PHP8.63bn (US$152.5m) issued by Suntrust Resort Holdings. Suntrust is the developer of a casino hotel project at Westside City in Manila, the capital of the Philippines.

According to the company’s statement, the convertible bonds will be issued in tranches in a minimum denomination of PHP10m (US$177,000), and have a default interest of 8.0 per cent per annum.

Summit Ascent said the total construction and development costs of the main hotel casino are estimated at US$1.250m, of which US$964m has already been raised. The complex will have 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces covering 44,000 square metres. 

The company said structural works and major facade systems up to the roof level have been completed. The mechanical, electrical, and plumbing and fire protection systems in major plantrooms have been substantially completed, and part of the system has commenced testing and commissioning. Fit-out and external civil and landscape works are in progress. Suntrust expects to commence operations by the end of the year.

See also: Suntrust Resort net loss widens