{"id":30740,"date":"2022-06-14T02:38:53","date_gmt":"2022-06-14T05:38:53","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30740"},"modified":"2026-04-23T07:50:07","modified_gmt":"2026-04-23T10:50:07","slug":"suntrust-resort-issues-us120-1m-in-convertible-bonds-to-summit-ascent","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-resort-issues-us120-1m-in-convertible-bonds-to-summit-ascent","title":{"rendered":"Suntrust Resort issues US$120.1m in convertible bonds to Summit Ascent"},"content":{"rendered":"\n<p>The bonds were used to repay a US$120m loan from Summit Ascent Investments.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-<strong>\u00a0Suntrust Resort Holdings Inc<\/strong>\u00a0has reported that it has issued PHP6.4bn (US$120.1m) in convertible notes to a subsidiary of Summit Ascent Holdings Ltd. The bonds were used to repay a US$120m loan received from Summit Ascent Investments Ltd last year.<\/p>\n\n\n\n<p>Following the bond conversion, Summit Ascent\u2019s subsidiary will control a 34.85 per cent stake in Suntrust. Suncity Group Holdings is the controlling shareholder of Summit Ascent, holding a 69.66 per cent stake in the company.<\/p>\n\n\n\n<p>Last September,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/summit-ascent-extends-maturity-date-of-us120m-loan-to-suntrust\" target=\"_blank\">Summit Ascent Holdings<\/a>&nbsp;extended the maturity date of the US$120m loan to SunTrust Resort Holdings until July 18, 2022, mainly due to the Covid-19 pandemic. Suncity got the loan to develop a&nbsp;<strong>5-star hotel and casino project at Manila Bayshore Integrated City<\/strong>&nbsp;in 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>The company originally hoped for a 2023 opening, but in November that was&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/westside-city-project-pushed-back-to-2024\" rel=\"noreferrer noopener\">pushed back to 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bonds were used to repay a US$120m loan from Summit Ascent Investments.<\/p>\n","protected":false},"author":176,"featured_media":15167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Resort Holdings Inc. has executed a PHP6.4bn (US$120.1m) convertible note issuance to a Summit Ascent Holdings Ltd. subsidiary, primarily to extinguish an equivalent US$120m inter-company loan. This transaction will result in Summit Ascent's subsidiary securing a 34.85% equity stake in Suntrust post-conversion, with Suncity Group Holdings maintaining its controlling interest in Summit Ascent. The financing underpins the continued development of a significant integrated resort in Manila, which has experienced a revised operational launch timeline to 2024.","focusai_entities":"Suntrust Resort Holdings Inc, Summit Ascent Investments Ltd, Summit Ascent Holdings Ltd, Suncity Group Holdings","focusai_location":"Philippines, Manila, Paranaque City","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Convertible Note Covenants?","query":"What are the specific covenants and conversion triggers associated with the PHP6.4bn convertible notes, and what is the potential dilutive impact on existing Suntrust shareholders upon full conversion?"},{"label":"Projected GGR\/NGR Impact?","query":"Given the project's revised 2024 opening, what are the updated financial projections for GGR, NGR, and EBITDA contributions from the Manila Bayshore integrated resort, and how does this affect the investment thesis for Suncity Group Holdings?"}],"footnotes":""},"categories":[163,16333],"tags":[22948],"class_list":["post-30740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30740","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=30740"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30740\/revisions"}],"predecessor-version":[{"id":30776,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30740\/revisions\/30776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15167"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}