CLARK FREEPORT -- Widus Philippines Inc. (WPI), owner and proprietor of Widus Hotel and Casino Clark, has secured a P7-billion syndicated term loan with Asia United Bank Corporation (AUB) and Union Bank of the Philippines (UB).
WPI president and owner Daesik Han and WPI corporate secretary and treasurer Mitchell Estacio inked the omnibus loan and security agreements with AUB as the mandated lead arranger and bookrunner, and UB as the joint lead arranger.
Proceeds from the term loan facility will be used to further finance the ongoing expansion of Widus in the Freeport area.
“This additional investment from our bank partners will be used to support our Tower Four project. Our loan agreement only reflects the company’s strong commitment to bring only the best world-class facilities here in Clark,” Estacio said.
Set to rise on an approximately 22,000-sqm land beside Clark Marriot, Estacio described Tower Four to be “an iconic hospitality landmark” in the economic zone once completed in 2020.
The 19-story luxury property will feature 380 well-appointed rooms, a new casino along with luxurious five-star facilities and amenities such as specialty dining options, retail outlets, swimming pool, executive lounge plus event venues such as ballroom and function rooms.
Tower Four is estimated to dramatically increase employment by creating over 1,000 job opportunities by 2022, adding more value to its community.