Suntrust Resort Holdings’ P25 billion (US$446 million) term loan with Chinabank Capital for Suntrust’s integrated resort and casino complex in Entertainment City was recognized as the Philippines Debt Deal of the Year at the 2024 Asian Banking and Finances (ABF) Awards held on July 4 in Singapore. It was the largest project finance deal of 2023 in the Philippines.
The Milbank team advising Suntrust Resort Holdings was led by partner and head of Milbank’s Hong Kong office James Grandolfo and associate York Wu.
The agreement with Chinabank comprises an omnibus loan and security agreement with the bank and other relevant parties consisting of a loan facility agreement, a mortgage agreement, a security agreement, a suretyship agreement and a project accounts agreement, among others. The Entertainment City project is expected to incorporate a 450-room hotel with a casino featuring 400 gaming tables and 1,200 slot machines.
July 12, 2024
