MANILA - The operator of Solaire Resort and Casino said Tuesday it has signed an agreement with several banks to secure an additional P20 billion loan facility to help it continue its operations and improve its facilities as the COVID-19 pandemic continued to hurt its bottom line.

Bloomberry Resorts Corp said its subsidiary Bloomberry Resorts and Hotels Inc. (BRHI), which operates Solaire, signed on Monday an amendment to the P73.5 billion loan agreement for an additional P20 billion.

BDO Unibank, China Bank, Philippine National Bank, Robinsons Bank, and United Coconut Planters Bank all participated in the loan facility, which was oversubscribed, Bloomberry Corp said. The four banks are part of the original group that participated in the P73.5 billion loan facility, the company added.

“The additional funding, if drawn, will be used to support the cash flow requirements of Solaire Resort and Casino (Solaire), partially finance capital expenditures for the improvement and refurbishment of existing facilities at Solaire, and partially finance BRHI’s working capital requirements and other general corporate purposes,” Bloomberry Corp disclosed to the stock exchange.

Last month, Bloomberry reported a net loss of P2.5 billion in the third quarter, bringing its January to September net loss to P5.9 billion from a net income of P8.6 billion last year.

The additional facility will be available for two years from the signing of the amendment agreement and any amount borrowed will be payable within five years from the date of the first drawdown, the company added.

“BRHI intends to draw only the amount that it requires for the purposes it has stated to minimize additional interest expenses,” said Bloomberrry Chairman and CEO Enrique Razon.

The company earlier said it invested P300 million for safety measures to fight COVID-19.

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