VILLAR-LED property developer Vista Land & Lifescapes, Inc. said its wholly owned subsidiary has completed a notes issuance worth $300 million as part of its fundraising efforts.
Vista Land unit VLL International, Inc. issued senior guaranteed notes worth $300 million, due in 2029, the listed property developer said in a regulatory filing on Tuesday.
The notes were priced at 9.375% and were issued under VLL International’s $2-billion medium-term note program.
The notes were guaranteed by Vista Land, Brittany Corp., Camella Homes, Inc., Communities Philippines, Inc., Crown Asia Properties, Inc., Vista Residences, Inc., and Vistamalls, Inc.
Vista Land previously said the net proceeds would be allocated for refinancing, working capital, investment, and other general corporate purposes.
The company tapped DBS Bank Ltd. and HSBC as the joint global coordinators, joint bookrunners, and joint lead managers for the issuance. KIS Asia was also named joint bookrunner and joint lead manager. Union Bank of the Philippines was engaged as the domestic lead manager for the issuance.
For the first quarter, Vista Land’s net income grew by 11% to P3 billion, while consolidated revenue rose by 11% to P10 billion.
The property developer has allotted a capital expenditure budget of P30 billion this year, with 98% allocated for the construction of residential units and land development. The remaining 2% is for land acquisition and the construction of investment properties.
Vista Land has business interests in residential and commercial property development through its units, such as Camella Homes, Communities Philippines, Crown Asia, Brittany, Vista Residences, and Vista Malls.
On Tuesday, Vista Land shares rose by 1.35% or two centavos to P1.50 per share. — Revin Mikhael D. Ochave
