Vista Land plans P35-billion bond offering
THE VILLARS’ Vista Land & Lifescapes, Inc. said on Wednesday that it is planning to register a three-year bond offering of up to P35 billion.
In a stock exchange disclosure, Vista Land said its board had approved the company’s application with the Securities and Exchange Commission (SEC) to register the peso-denominated fixed-rate bonds.
According to the company, the bonds will be issued in tranches within a three-year period. The initial tranche will involve the offer and issuance of up to P10 billion fixed-rate bonds consisting of up to P6 billion base offer and an oversubscription option of up to P4 billion.
Vista Land is tycoon Manuel B. Villar, Jr.’s listed holding firm engaged in developing residential subdivisions and construction of housing and condominium units.
“The board of directors of the company has authorized management to determine such other terms and conditions of the offer, as may be advantageous to the company and in accordance with the scope of authority given by the board, including, but not limited to, the determination of the interest rate of the offer bonds, and the subsequent offerings out of the shelf registration of the shelf bonds,” Vista Land said.
Vista Land said China Bank Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines are the joint lead underwriters and joint bookrunners for the issuance.
The listed firm’s counsel for the offer is Picazo Buyco Tan Fider & Santos while Romulo Mabanta Buenaventura Sayoc & de los Angeles will serve as counsel to the joint lead underwriters and joint bookrunners.
“The company shall make additional disclosures in respect of the offer in due course,” Vista Land said.
In the first half, Vista Land posted an 83% increase in net income to P5.8 billion from P3.18 billion a year ago. The company’s consolidated revenues rose 8% to P18.35 billion versus P16.97 billion previously.
On Wednesday, shares of Vista Land at the local bourse increased four centavos or 2.55% to close at 1.61 apiece. — Revin Mikhael D. Ochave