Suntrust extends bond deal

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    Suntrust Home Developers Inc. has extended the trigger date for the termination of the P5.6-billion convertible bonds it issued to Summit Ascent Investments Ltd. in June.

    The bond, carrying a 6 percent coupon rate, would have to been terminated as of Sept. 30, 2020, if conditions for its effectivity are not met.

    The two parties are looking at either Dec. 31, 2020, “or such other date as the corporation and Summit Ascent may agree in writing.”

    The trigger date, also called long stop date, is the date set to terminate a contract when conditions in said contract are not met.

    “As previously disclosed, the foregoing transaction will support the development of the Main Hotel Casino, a five-star hotel and casino project to be constructed at Manila Bayshore Integrated City in Paranaque City,” Suntrust said.

    Summit Ascent is a wholly-owned subsidiary of Summit Ascent Holdings Ltd. (SA Holdings), a company listed on the Hong Kong Stock Exchange (HSE).

    Suntrust is 51 percent owned by Fortune Noble, a wholly-owned subsidiary of HSE-listed Suncity Group Holdings Ltd.

    Suncity Group holds approximately 24.74 percent direct and indirect interest in SA Holdings.