Success Universe to back new round of Ponte 16 refinancing
Success Universe to back new round of Ponte 16 refinancing
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Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured in a file photo), says it will be acting as a 49-percent guarantor for an amended and restated banking facility designed to help the property’s promoter refinance its existing loan facilities, general working capital, and to finance the payment of a land premium and related costs.
Success Universe controls 49 percent of an entity called Pier 16 – Property Development Ltd, that operates the Ponte 16 casino hotel, at Macau’s Inner Harbour district. The remaining 51-percent stake is controlled by a unit of Macau casino concessionaire SJM Holdings Ltd.
Since 2007, Hong Kong-listed Success Universe has been involved in a 온라인카지노사이트 number of financial assistance schemes for the Ponte 16 casino hotel. The latest had been announced in 2021.
In a Wednesday filing, Success Universe said that Pier 16 – Property Development is to sign an amended and restated facility agreement with Industrial and Commercial Bank of China (Macau) Ltd as the lender, in the aggregate amounts of HKD230 million (US$29.4 million) and MOP273 million (US$33.7 million). The new maturity date is set at 24 months from the signing of the amended agreement.
As of Wednesday, the total outstanding principal amount of the loan under Pier 16 – Property Development’s existing facilities was approximately HKD366 million. The existing facilities were schedule to mature on Friday (June 23).
The Ponte 16 property recorded negative adjusted earnings before interest, taxation, depreciation and amortisation of HKD46.2 million for full-year 2022. That compares with a negative figure of HKD57.6 million in the prior year, said the company in a March filing.
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