Waterfront Philippines to receive USD 29.5M credit line

In comments to the Philippines Stock Exchange, Waterfront Philippines assistant corporate secretary Arsenio Alfiler Jr. said the money will be also 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 is an investment holding company for hotel, leisure, and tourism businesses.

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