{"id":22825,"date":"2021-09-21T11:27:43","date_gmt":"2021-09-21T14:27:43","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=22825"},"modified":"2026-04-23T15:30:23","modified_gmt":"2026-04-23T18:30:23","slug":"summit-ascent-extends-maturity-date-of-us120m-loan-to-suntrust","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-extends-maturity-date-of-us120m-loan-to-suntrust","title":{"rendered":"Summit Ascent extends maturity date of US$120m loan to SunTrust"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-\u00a0<strong>Summit Ascent Holdings Ltd\u00a0<\/strong>has reported that it has agreed a nine-month\u00a0<strong>extension on the maturity date of a US$120m loan\u00a0<\/strong>given to\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/suntrust-home-developers-to-officially-become-suntrust-resort-holdings\">SunTrust Resort Holdings<\/a>, a Suncity Group subsidiary in the Philippines.<\/p>\n\n\n\n<p>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.\u00a0Suncity got the loan to develop a\u00a0<strong>5-star hotel and casino project at Manila Bayshore Integrated City<\/strong>\u00a0in Paranaque City.<\/p>\n\n\n\n<p>According to the latest filing from Suncity Group, the project will incorporate 400 hotel rooms,&nbsp;<strong>a casino with approximately 400 gaming tables and 1,200 slot machines<\/strong>&nbsp;for both mass and VIP markets. It will also include a parking facility with 960 spaces.<\/p>\n\n\n\n<p>As a feature of the arrangement,\u00a0<strong>Summit Ascent has agreed to subscribe to new convertible bonds<\/strong>\u00a0in the maximum aggregate principal amount of PHP6.4bn (US$130m).<\/p>\n\n\n\n<p>Suntrust is controlled by Hong Kong-listed&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-posts-35-rise-in-revenue-for-h1\" rel=\"noreferrer noopener\">Suncity Group Holdings Ltd<\/a>, which has recently posted&nbsp;<strong>revenue of HK$129.5m (US$16.6m)<\/strong>&nbsp;for the first half of 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":176,"featured_media":18990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Summit Ascent Holdings has extended a US$120m loan to SunTrust Resort Holdings, a Suncity Group subsidiary, until July 18, 2022, citing the Covid-19 pandemic as the primary reason. This financing supports a significant 5-star hotel and casino integrated resort project in Manila, Philippines. Concurrently, Summit Ascent has committed to subscribing to new convertible bonds from SunTrust valued at PHP6.4bn (US$130m).","focusai_entities":"Summit Ascent Holdings, SunTrust Resort Holdings, Suncity Group, Suncity Group Holdings Ltd","focusai_location":"Philippines, Manila, Paranaque City, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Revised Project ROI?","query":"What is the revised projected Return on Investment (ROI) for the Manila Bayshore Integrated City project given the extended development timeline and additional convertible bond financing?"},{"label":"Convertible Bond Terms?","query":"What are the specific conversion terms, interest rates, and maturity dates associated with the PHP6.4bn convertible bonds subscribed by Summit Ascent Holdings?"}],"footnotes":""},"categories":[157,16333],"tags":[23907,23701,22948],"class_list":["post-22825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-land-based-casino","tag-summit-ascent","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22825"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22825\/revisions"}],"predecessor-version":[{"id":22845,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22825\/revisions\/22845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18990"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}