PHL Bank okays Okada’s $800 M loan for Manila Bay Resorts

Universal Entertainment Inc. has injected an additional P37.6 billion ($809.51 million) into its Manila Bay Resorts project, which is expected to be launched by December 2016.

In a disclosure to the Singapore Stock Exchange last Friday, Universal announced that its Manila-based subsidiary Tiger Resort, Leisure and Entertainment, Inc. entered a significant agreement with BDO Unibank Inc. on May 6.

According to Universal, the loan will have a five year tenure and a floating interest rate, starting from the initial drawdown date. Universal used the voting shares of Tiger and the project’s immovable and movable assets as collateral for the loan.