MANILA, Philippines — Japan’s Universal Entertainment Corp., the parent company of Okada Manila, has raised $800 million to refinance its existing notes.
Universal Entertainment said its board had determined the issuance of new $400 million overseas private placement notes and concluded the note purchase agreement.
The new notes, issued on July 26, carry an interest rate of 9.875 percent per annum and will mature on Aug. 1, 2029.
Universal Entertainment said the issuance would allow the company to raise funds to refinance the company’s existing overseas private placement notes with a principal amount of $760 million that is set to mature in December 2024.
The company’s subsidiary Tiger Resort Leisure and Entertainment Inc. (TRLEI) has likewise signed a bank loan amounting to $400 million with China Banking Corp. to refinance the existing notes.
TRLEI earlier terminated a term sheet signed in December 2023 with Davao-based businessman Dennis Uy’s PH Travel and Leisure Holdings Corp., which would have allowed the company to take over the development of the Emerald Bay Resort in Cebu.
The project would have enabled TRLEI to expand in Cebu after its maiden casino project, Okada Manila in Parañaque.
The Emerald Bay project is planned to be an iconic and luxurious five-star integrated resort in Cebu and the premier entertainment destination in the Philippines outside of Entertainment City in Metro Manila.