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FinancialIndustry

Success Universe to provide $64m in financial aid to Pier 16

Success Universe Group (SUG) will provide financial assistance to Pier 16 – Property Development, acting as a 49% guarantor for an amended and restated facility agreement.

SUG

The assistance is meant for the development of Ponte 16, an integrated resort in Macau operated by Pier 16, which in turn is a 49% owned associate of SUG.

The amendment involves an extension of the maturity date and the revised facility amounts of HK$500m ($64.4m) and MOP273m ($34m).

A statement read: “The estimated total exposure of the company under the provision of the 2021 Financial Assistance is approximately HK$509m, which has taken into account the Livrança endorsed by, among others, the company for a sum of not exceeding HK$490m and 49% of the estimated total interest payable on the Revised Facilities of approximately HK$19m.”

The new maturity date is set for 24 months from the agreement date and the existing facilities will mature on 29 June 2022.

It is expected that “the revised facilities will be applied towards refinancing the existing facilities, financing the payment of the land premium and related costs for the land concession modification, as well as for nongaming working capital.”

In the statement, the firm explained that financial assistance should alleviate the financial pressure brought on by Covid-19.

Ponte 16 has reportedly been carrying out various cost containment measures, while ensuring the safety of staff and guests.

However, as Ponte 16 is preparing for the revival of Macau’s gaming market, the company noted “shared loss of the associates relating to Ponte 16 for the year 2020 was approximately HK$146m.”

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