A five-year principal of 6.0% PHP 5.6 billion ($102.7 million) convertible bond was issued by SunTrust to Summit Accent Investments Limited Summit Accent Unit. They can convert to SunTrust’s stock.

Summit Accent said in a filing on Monday that SunTrust “did not pay coupon interest for two years until December 30, 2022 after the 15-day grace period provided under the terms of the 2020 convertible bonds has elapsed.” 경마사이트프로

Coupon interest was 336 million PHP, which is about $6.1 million at the current exchange rate, it added.

“If provisions are made for a significant amount of overdue interest, they will have a significant adverse impact on the company’s profits for the fiscal year ending December 31, 2022,” Summit Ascension said.

SunTrust is developing a “main hotel casino” at the West Side City Project, located in Entertainment City, Manila. According to the information provided by the group, the project has a price tag of approximately US$1 billion and is scheduled to begin operations in 2024.

“We are discussing an agreement with SunTrust to pay overdue interest, but we have not reached a specific plan as of this announcement date,” Summit Accent said in a filing on Monday.

Summit Accent is an investor in the Tigre de Crystal Casino Resort near the port of Vladivostok in the Russian Pacific.

The group recovered its profit in the first half of this year on revenue growth of 37.4% year-on-year. The improvement was “mainly attributed to the strong domestic market in the Russian Federation” for the Tigred Crystal gaming business.

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