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Solaire Vertis North to Rise in Quezon City

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Manila, Philippines–The Philippine National Bank (PNB) has signed an omnibus loan and security agreement with Bloomberry Resorts and Hotels Inc. (BRHI) and Sureste Properties Inc. (SPI) as one of the co-lenders in the P40-billion, 10-year syndicated term loan facility to partially finance the design, construction, and development of an integrated hotel and gaming resort, Solaire Vertis North.

More specifically, PNB is co-financing 28.7 percent of the total allocation for the entire loan syndication.

PNB President & CEO Wick Veloso said: “The lenders are proud to be a part of this project — the first of its kind in Northern Metro Manila–which will be a big boost to the country’s tourism business. The Solaire Vertis North will give rise to more revenues for the city, new job opportunities, and improved personal income for employees, translating to a more robust economy for the city and, consequently, for the country.”

BDO Capital and Investment Corporation is the lead arranger and sole book runner for the term loan facility. The co-lending banks include BDO Unibank, Metrobank, Union Bank, Bank of Commerce, China Bank and Robinsons Bank.

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