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Waterfront Philippines to get P1.5-B credit line from PBCOM
The board of directors of Waterfront Philippines Inc. has given the company the green light to engage the Philippine Bank of Communications (PBCOM) in a P1.5- billion credit line earlier approved by the bank.
Arsenio Alfiler Jr., Waterfront Philippines assistant corporate secretary, told the Philippine Stock Exchange the credit line also be used by subsidiaries Waterfront Cebu City Casino Hotel Inc., Waterfront Mactan Casino Hotel Inc., Davao Insular Hotel Co. Inc., Pacific Rehouse Corp., and Crisanta Realty Development Corp.
Waterfront said the credit line will be secured by:
Real estate mortgage and chattel mortgage over various operating assets used by Waterfront Cebu Casino Hotel in Lahug
Deed of assignment over leasehold rights on the land owned by the Mactan Cebu International Airport Authority on which the Waterfront Cebu City Casino Hotel stands
Deed of pledge of the shares of stocks representing ownership of Waterfront Philippines in Waterfront Cebu City Casino Hotel and in Davao Insular Hotel
Real estate mortgage on 23 parcels of commercial lots with improvements registered under the name of Davao Insular Hotel
Chattel mortgage on various operating assets used by Davao Insular Hotel
Real estate mortgage on a 70 hectare agricultural property located in Matina, Pangi, Tolomo, Davao registered under the names of Pacific Rehouse Corporation and Crisanta Realty Development Corporation
Waterfront is an investment holding company for hotel, leisure, and tourism businesses.
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