Manila integrated resort developer Suntrust Resort Holdings said Friday it has reached an agreement with Hong Kong-listed Summit Ascent Holdings Inc under which the deadline for issuing the latter a Php13.5 billion (US$236 million) convertible bond instrument has been extended by 12 months.
According to a filing, the companies have agreed to extend the Long Stop Date for the agreement from 30 April 2024 to 30 April 2025, with no other changes made to the original subscription agreement.
That agreement, signed in July 2023, will see Summit Ascent – the controlling shareholder of Russia’s Tigre de Cristal casino resort near Vladivostok – subscribe to the convertible bonds with the subscription price to be set off against the sum of convertible bonds Summit Ascent subscribed to in 2020 and 2022.
Suntrust stated last year that the agreement would also set off interest owed under those 2020 and 2022 convertible bonds agreements…
