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Suntrust Resort Holdings Inc, the subsidiary of Hong Kong’s LET Group Holdings currently developing a US$1.1 billion hotel and casino in Manila’s Entertainment City precinct, has entered into a series of refinancing agreements with Summit Ascent Holdings.

According to information filed by Summit Ascent on Thursday morning, the agreements include a new loan agreement under which SA Investments will provide a loan facility to Suntrust of up to US$20 million, pending shareholder approval.

The loan facility relates to a requirement for Suntrust to maintain a credit balance of no less than US$20 million in a construction reserve account to cover any cost over-runs in the construction of the Manila hotel and casino.

Source: https://www.asgam.com/index.php/2023/07/27/summit-ascent-reaches-refinancing-agreements-with-suntrust-to-ensure-completion-of-manila-hotel-and-casino/