Success Universe support for Ponte 16 refinancing
Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), says it will be acting as a 49-percent guarantor for an amended and restated facility to assist the property’s promoter refinance its existing loan facilities, general working capital, and to finance the payment of a land premium.
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.
In a Friday filing, Success Universe said that Pier 16 – Property Development is to sign an amended and restated facility agreement with the lender, Industrial and Commercial Bank of China (Macau) Ltd.
Under the agreement, the revised facilities shall be in the aggregate amounts of HKD500 million (US$64.4 million) and MOP273 million (US$34.0 million), stated the Hong Kong-listed company. The new maturity is set at 24 months from the signing date of the amended agreement.
As of Friday, the total outstanding principal amount of the loan under Pier 16 – Property Development’s existing facilities was approximately HKD185 million. The existing facilities will mature on June 29, 2022.
The Ponte 16 property recorded negative adjusted earnings before interest, taxation, depreciation and amortisation of HKD242.9 million for full-year 2020. That compares with a positive figure of HKD377.5 million in 2019, according to a March filing.
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