SunTrust Bonds Return One Year After $235M Trading Deadline

Posted on by cebu220815@gmail.com

The deadline for a financing agreement of up to $13.5 billion (now $235.2 million) for the company developing casino hotel plans in Westside City in Manila, the Philippine capital, has been pushed back by 12 months to April 30, 2025.

Philippines-listed SunTrust Resorts Holdings Inc., the promoter of Westside City Casino Hotels (pictured rendering of the artist), confirmed the new date in a filing on Friday.

In July 2023, Summit Ascent Investments Ltd, a direct holding subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, agreed to issue convertible bonds with a principal of PHP 13.51 billion to be issued by Suntrust. The long suspension date for the transaction was April 30 this year.

Summit Ascent filed its own filings on Tuesday about the delay. As of that date, the company said some conditions for completing the transaction would have to be “implemented,” including Suntrust having obtained “the necessary consent, approval and waiver from the [Philippines] Securities and Exchange Commission (SEC) and other relevant government authorities” regarding the subscription agreement.

“Despite SunTrust’s application to SEC, SEC approval has yet to come out as of this announcement date,” Summit Ascension said.

“As advised by the group’s legal advisers on Philippine law, it will take an additional 12 months to receive SEC confirmation,” it added.

Summit Accent Holdings said at the time of its July 2023 filing that the reason for its “financial support” for SunTrust was the “failure to pay interest” of Philippine-listed SunTrust, which is due under convertible bonds in 2020 and convertible bonds in 2022, “could deter relevant lenders or investors from providing funds for the remaining capital expenditures required to develop the main hotel casino and could significantly delay completion and opening.”

On April 22 this year, Suntrust said its board agreed to a $38 million loan from Summit Ascent and Suntrust parent company LET Group Holdings Ltd.

According to a recent announcement, SunTrust will begin operating at its casino hotel in the first quarter of 2025.

BY: 바카라사이트

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