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Suntrust Resort confirms missing $6 million interest payment on convertible bonds

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Suntrust Resort says a deal with Summit Ascent for the refinancing or restructuring of the convertible bonds 'should be forthcoming.'

MANILA, Philippines– Casino developer Suntrust Resort Holdings confirmed reports that it failed to pay $6 million in interest owing on convertible bonds issued for its luxury hotel casino in Parañaque City.Inside Asian Gaming

The convertible bonds have a coupon rate of 6% per annum payable yearly in arrears, and has an initial term of five years from issue extendable for a further term of five years. Suntrust told the Philippine Stock Exchange that no definite agreement has been made for refinancing or restructuring of the convertible bonds, but noted that a deal “should be forthcoming.”

 

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