International Entertainment Corp (IEC) has repaid a total of US$113 million in debt after issuing the first tranche of Subscription Notes to DigiPlus Interactive Corp.
The company confirmed it redeemed HK$489 million (US$63 million) in promissory notes and settled a further HK$392 million (US$50 million) in outstanding bank loans. The repayments were funded through the initial HK$800 million (US$102.5 million) tranche of Subscription Notes.
The Subscription Notes, totaling HK$1.6 billion (US$205 million) across two tranches, are part of a broader agreement signed in November. The deal will see DigiPlus acquire a controlling stake in IEC and its key asset, the rebranded LaVie Resort & Casino, which includes the New Coast Hotel Manila.
Once the full amount is issued and converted, DigiPlus is expected to hold a 53.89% stake in IEC.
IEC views the transaction as a major step toward improving its liquidity and overall financial position. Meanwhile, DigiPlus aims to expand its entertainment ecosystem by integrating a land-based casino platform with its digital operations.
IEC is currently transforming New Coast Hotel Manila into a full-scale integrated resort under a provisional license granted by Philippine Amusement and Gaming Corporation in 2023.
The company has committed to investing at least US$1 billion into the development and has already taken full operational control of the casino, which was previously managed by PAGCOR.
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