Hong Kong’s Success Universe Ltd has announced details of a new financial assistance deal that will see it act as guarantor on extended loan facilities for its 49%-owned subsidiary Pier 16 – Property Development, the operating entity of Macau integrated resort Ponte 16.
The financial assistance, required as a result of the COVID-19 pandemic, relates to HK$185 million owing to the Industrial and Commercial Bank of China (Macau) Limited under its existing facilities, which will mature on 29 June 2022.
The revised facilities, to be used to refinance the existing facilities as well as to make payments under Ponte 16’s land concession and for general working capital purposes, will provide Pier 16 – Property Development with an additional 12 months before maturity.
In a filing, Success Universe cited a series of agreements that will see it extend the amount of financial assistance it makes available to Pier 16 – Property Development while also acting as guarantor on 49% of a new term loan between the subsidiary and its lender.
The remaining 51% will, presumably, become the responsibility of SJM – Investment Limited, the subsidiary of Sociedade de Jogos de Macau, S.A. (SJM) that holds 51% of Pier 16 – Property Development.
Under the revised facilities, the outstanding balance owed by Pier 16 – Property Development to Success Universe will eb HK$500 million, up from HK$337 million, while the maximum liability of Success Universe as guarantor of the term loan will be MOP$273 million.
“As Pier 16 – Property Development is a 49% owned associate of the Group, the Directors consider that the provision of the 2021 Financial Assistance, which will facilitate the development and operation of Ponte 16, will be beneficial to the Group,” the company said.
Ponte 16 reported a loss of HK$145.7 million (US$18.7 million) in 2020 as a result of the COVID-19 pandemic.
The post Success Universe reveals financial assistance package for Macau’s Ponte 16 appeared first on IAG.
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