Manila-based casino developer Suntrust issues US$121 million in convertible bonds at Hong Kong’s Ascent Summit


Philippines-listed Suntrust Resort Holdings Inc, which is developing a billion-dollar hotel and casino in the entertainment city of Manila, issued $120.9 million in convertible bonds to Summit Ascent Holdings of Hong Kong instead of repaying a loan.

The bonds relate to US$127.7 million owed to Summit Ascent for a loan made early last year to facilitate development work on the hotel and casino project. Summit Ascent previously extended the maturity date of this nine-month loan to June 18, 2022, but the two companies revealed on Monday that the majority of the original $122.5 million plus interest had instead been repaid. in the form of convertible bonds. The remaining US$6.8 million was reimbursed in cash.

According to a filing on the Philippine Stock Exchange by Suntrust, which earlier this month changed its name from Suntrust Home Developers, the bonds would represent a 16.98% stake in the company if fully converted.

Hong Kong-listed Suncity Group currently holds a 51.28% stake in Suntrust and is the majority owner of Summit Ascent with a 69.66% stake. Summit Ascent itself owns a 77.5% majority stake in Oriental Regent Ltd, owner and operator of the Tiger de Cristal integrated resort in Vladivostok, Russia.

Suntrust’s Manila casino project, due to open in 2023, is part of the larger Westside City development and will include a 450-room hotel with a casino featuring 400 gaming tables and 1,200 slot machines .

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