Press Statement: AB Leisure Global, Inc. and BDO Unibank, Inc. seals Php3B-Omnibus Loan Security Agreement
May 30, 2013
Leisure & Resorts World Corporation or “LRWC” (PSE stock code: LR) would like to announce that its wholly-owned subsidiary, AB Leisure Global, Inc. (or “AB Global”) executed an Omnibus Loan and Security Agreement (OLSA) in the amount of Three Billion Pesos (P3,000,000,00.00) with BDO Unibank, Inc. as the Lender. BDO Unibank, Inc. – Trust and Investment Group signed on as the Security Trustee. Since AB Global is a wholly-owned subsidiary, LRWC acted as a Surety to the commitment.
This loan agreement was negotiated to partially fund AB Global’s commitment and contribution to the Belle Grande Integrated Casino Resort project (or “Belle Grande project”). This investment is pursuant to the Agreements that were already disclosed last October 29, 2012 and November 13, 2012 wherein AB Global will have an economic interest in the Belle Grande project.
As was also discussed in those agreements, AB Global shall be entitled to 30% of the fixed yearly income generated from the lease of all commercial spaces in the project. These spaces include the hotel, retail and casino premises. Furthermore, AB Global shall be paid fees equivalent to 30% of the 50% share of Premium Leisure and Amusement, Inc. (or “PLAI”) on the EBITDA from casino operations or 30% of PLAI’s 15% share of the Net Win, whichever is higher, after deducting PLAI’s Royalty which is based on Gross Win. PLAI is the wholly-owned subsidiary of Belle Inc. that has the PAGCOR casino license.
Category: Press Releases